Power Plays Update: RIVN
October 5, 2023
By Scott Redler
Unfortunately, Rivian (RIVN) got hit today on news of a money raise.
Yesterday, the stock looked great and seemed primed to accelerate further, so this is disappointing.
It's not uncommon for high-growth companies to raise money, though it does sting.
I'm moving the danger zone here to the range lows around $18 to $19.30.
Just be aware that this stock will be very volatile near-term, and I wouldn't add to it. In fact there's nothing wrong with stepping aside.
Scott Redler Positions Disclosure as of 2023-10-05 at 9.58.53 AM