5 Blue-Chip Stocks at All-Time Lows

In this article, we will take a look at the 5 blue-chip stocks at all-time lows. To see more such companies, go directly to 10 Blue-Chip Stocks at All-Time Lows.

5. Rivian Automotive, Inc. (NASDAQ:RIVN)

Market Cap: $20.2B

EV company Rivian Automotive, Inc. (NASDAQ:RIVN) hit an all-time low back in March this year after the company said it would be raising an additional $1.3 billion in cash via a green convertible note. While Rivian Automotive, Inc. (NASDAQ:RIVN) has recovered from its all-time low value since then, the stock is down 36% over the past 12 months.

Morgan Stanley recently gave bullish comments on Rivian Automotive, Inc. (NASDAQ:RIVN) after meeting with management at a conference in California. Morgan Stanley’s Adam Jonas likes Rivian Automotive, Inc. (NASDAQ:RIVN)’s gross profit improvement.

Baron Fifth Avenue Growth Fund made the following comment about Rivian Automotive, Inc. (NASDAQ:RIVN) in its second quarter 2023 investor letter:

“During the second quarter, we also added to our position in EV manufacturer Rivian Automotive, Inc. (NASDAQ:RIVN). After a complex period since the company’s IPO, in which Rivian tried to ramp multiple vehicles simultaneously while struggling to overcome unprecedented supply-chain bottlenecks, the company seems to have turned the corner. Production is now starting to scale up, which should help the company improve its plant utilization and subsequently help gross margins. The company is making notable progress in cost improvements by renegotiating with its suppliers, utilizing its larger scale to get better pricing, as well as, incorporating various technological advancements that would improve its cost structure while also improving the vehicles’ performance (for example it’s Enduro drive unit which is progressing ahead of plan).”