Rivian (NASDAQ:RIVN) stock is slipping on Tuesday as investors react to a warning from Piper Sandler analyst Alexander Potter.
The Piper Sandler analyst points to China as a possible hiccup for RIVN stock in a recent research note. According to Potter, the company may have problems getting semiconductors from the country in the near future.
Why would that be an issue? China’s dealing with a resurgence of Covid-19 that’s resulted in lockdowns in some areas. If that spreads to other parts of the country, it could cause supply chain issues like what was seen throughout the pandemic these last couple of years.
While Potter warns investors about these potential problems, he also reiterates the “overweight” rating Piper Sandler holds for RIVN stock. For comparison, RIVN stock has a “buy” rating based on 16 analysts’ ratings.
RIVN stock has been slipping lately following the release of its earnings report last week. Not even the company bringing in Frank Klein as its new COO or being added to the CIBC Atlas Clean Energy Index was able to boost RIVN stock yesterday.
As for trading volume today, RIVN stock is on the weak side. It’s moved roughly 13 million shares as of this writing. That’s a good bit below its daily average trading volume of almost 19 million shares.
RIVN stock is down 1.3% as of Tuesday afternoon and is down 65.6% since the start of the year.
There’s more stock market news for investors to check out below!
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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.