Expert advises buying: Rivian shares near all-time lows

Expert advises buying: Rivian shares near all-time lows

Rivian shares are currently near their all-time low, which has led one expert to issue a buy recommendation for the shares. With a current price level of $8.63 and a loss of 62 percent in value this year, the stock is trading near its recent all-time low of $8.26 on the NASDAQ.

The weak performance of Rivian shares is attributed to various negative factors. The entire EV market is currently experiencing weak demand, which is even affecting industry giants like Tesla. Competitors like Fisker filing for bankruptcy are also weighing on investor sentiment toward EV stocks in general. Despite these challenges, Rivian has solid reserves of $9.4 billion in cash and cash equivalents, which has led one financial expert to view the low share price as an entry opportunity.

Financial expert Gary Alexander, who recommended investing in the stock in January, emphasizes the attractiveness of investing in Rivian due to its low valuation. Alexander believes Rivian will be able to overcome current challenges, particularly given its long-term electrification prospects. He sees Rivian as a promising company because of its positioning as a provider of rugged truck and SUV options. He also highlights the long-standing partnership with Amazon, which could be beneficial for Rivian's growth.