Rivian (NASDAQ:RIVN) stock is taking off on Tuesday and we’re diving into all the latest news traders need to know about the company.
Let’s get right into that below!
- First off, Rivian is an electric vehicle (EV) company that only recently went public.
- The company held an initial public offering (IPO) last Wednesday that included 153 million shares at a price of $78 each.
- That was an upsized offering compared to its original plans and it came to a close yesterday.
- The company’s market capitalization is currently sitting at $140.606 billion.
- There’s also recent talk that Rivian plans to open a new plant in Georgia.
- Reports claim that discussions are underway for a vehicle and battery plant east of Atlanta.
- The reports state that these talks are in the late stages but nothing official has been announced yet.
- It’s also worth noting that Rivian has several major names backing it.
- Investors in the company include Amazon (NASDAQ:AMZN) with a 22.4% stake, T.Rowe Price (NASDAQ:TROW) with an 18.8%, as well as Ford (NYSE:F) with a 14.4% stake.
- Another reason to keep an eye on RIVN stock today has to do with the infrastructure bill President Joe Biden passed into law.
- This bill includes benefits for EV companies, as well as plans to set up a national EV charging network.
- Now that it’s passed to law, it’s not too surprising that we’re seeing RIVN stock head higher today.
- That also comes with some decent trading early this morning.
- As of this writing, some 30 million shares of RIVN stock have changed hands.
- That’s still below the company’s daily average trading volume of about 75.5 million shares, but the day is young.
RIVN stock was up 7.3% as of Tuesday morning.
Rivian isn’t the only company with news worth looking into today!
There’s loads more happening with the stock market that investors will want to be aware of. That includes this morning’s biggest pre-market stock movers, the Green Bay Packers planning a stock sale, as well as the latest concerning Vaxxinity (NASDAQ:VAXX). You can find out all about these matters at the links below!
More Stock Market News for Tuesday
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- Green Bay Packers ‘Stock’ Sale: What NFL Fans Need to Know for Nov. 16
- VAXX Stock Alert: 10 Things to Know About Newly Public Vaxxinity as Shares Soar
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.