Did I buy the dip? No. As stated earlier in another conversation, I'm holding out for 50 or lower. It may not get that low in which case I will never own Rivian stock. But then again, I won't lose any money by buying too high. (Half of winning on Wall Street is successfully avoiding loses.)
My personal feeling is that Rivian stock is still overvalued and will resume its decline in the near future.
Note that the 135 million shares in the IPO went at $78. There are at least 718 million other shares outstanding, and their owners only paid an average of $14.91 per share. (And these shares will be eligible for sale when the lock-up period ends. See page 82 at
https://www.sec.gov/Archives/edgar/data/1874178/000119312521321716/d157488ds1a.htm#toc157488_8 ) If these stockholders sell at $50 per share, they will have still more than tripled their money on their investment.