Aspiring electric vehicle contender Rivian Automotive (NASDAQ: RIVN) just saw one of its best stock price performance days on record. The stock popped nearly 27% on Feb. 13. This came as investors reacted to its latest earnings report, released the previous day. This was Rivian’s largest single-day gain in its history, aside from its stock market debut, when shares closed up by 29% following its November IPO.
Investors clearly overvalued Rivian initially. Even after its latest spike, the stock remains down over 75% from its IPO price of $78. Despite excitement among many that EVs will eventually replace gas-powered vehicles, very few EV companies have built profitable businesses and delivered strong returns. Rivian is attempting to become the next name that will succeed on this journey.
