Rivian Automotive Inc RIVN is trading lower on above-average volume Thursday. The move appears to be related to overall market weakness as a rise in treasury yields weighs on growth sectors.
Rivian made its public debut in November, pricing at $78 per share. The stock opened for trading at $106.75 per share and closed around $100.
It's important to note that Thursday marks the first time the stock has traded below its $78 IPO price. It traded down close to the $75 level this morning.
Rivian's average session volume is about 13 million, according to data from Benzinga Pro. Thursday's trading volume has already exceeded 35 million at publication time.
The stock is also trending across social media platforms and is among the top searched tickers on various media sites today.
Rivian designs, develops and manufactures category-defining electric vehicles and accessories.
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RIVN Price Action: Rivian has traded as low as $75.13 and as high $179.47 since its IPO in November.
The stock was down 5.86% at $84.78 at time of publication.
Photo: courtesy of Rivian.
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