Why Rivian Shares Jumped Today
Shares of Rivian Automotive (NASDAQ: RIVN) spiked after the electric vehicle (EV) maker reported third-quarter earnings on Nov. 9, but have been sliding ever since. Investors are giving them a bounce today, however. After an early rise of nearly 5% on Wednesday, Rivian shares were trading 3.2% higher as of 1:07 p.m. ET.
Two things probably have investors feeling like the stock has hit a near-term bottom. Earlier this week, Barron's reported that the California State Teachers Retirement System (CalSTRS) -- the nation's second-largest public pension fund by assets -- doubled its position in Rivian. CalSTRS managed nearly $300 billion in assets as of the end of October, and is widely followed by investors. The fund added 290,467 shares of the RV maker in the third quarter to bring its total to more than 590,000.
Source Fool.com
