Shares of Rivian Automotive Inc., the money-losing electric vehicle startup, may get pushed out of the Nasdaq 100 Index as early as this month after plunging more than 90% from their record high, according to JP Morgan Securities.
The index typically removes the smallest members of the Nasdaq 100 if the company is weighted at less than 0.1% of the gauge for two consecutive months, JPMorgan analyst Min Moon writes in a note on Thursday. As Rivian was below 0.1% as of April 28 and May 31, Moon expects the carmaker to be excluded from the index on the third Friday of June.
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