- Rivian went public last Wednesday in one of the biggest IPOs of the year.
- But shares ended a weeklong rally Wednesday, as investors pulled back from a monster run as speculation in the name eased.
- The company's stock dipped in afternoon trading.
The company's stock closed down 15%.
Get Boston local news, weather forecasts, lifestyle and entertainment stories to your inbox. Sign up for NBC Boston’s newsletters.
Rivian went public last Wednesday in one of the biggest IPOs of the year. The company opened at $106.75 per share on Nov. 10, its first trading day. It closed at $172.01 on Tuesday.
Rivian quickly surpassed the market value of traditional automakers, like Ford ($79.09 billion, as of Tuesday's close) and General Motors ($90.9 billion). As of Tuesday's finish, Rivian had a market cap of $146.7 billion. The company's value still lags far behind rival Tesla ($1.06 trillion).
The company has attracted strong interest from investors, as the demand for electric vehicles has continued to rise among consumers. However, Rivian has yet to show a sustainable business model. It also expects no more than $1 million in revenue for the third quarter.