Why Rivian Stock Was Stuck in the Slow Lane Today
Based on dispiriting news about a recent bull run on securities related to Rivian Automotive (NASDAQ: RIVN), investors sold out of the specialty electric vehicle (EV) maker on Tuesday. This tapping of the brakes resulted in a nearly 3% decline in the company's share price on the day, a notably worse performance than the 0.7% gain of the bellwether S&P 500 index.
An article published by Reuters after market hours Monday was the source of that uninspiring news. It said that investors are flocking to buy options that pay out when Rivian's underlying stock increases.
According to the news agency, around 831,000 such options traded hands on Monday, more than double the average daily volume of such securities.
Source Fool.com
