RIVN Stock News: Rivian extends gains as EV sector powers higher

NASDAQ:RIVN gained 5.81% during Tuesday’s trading session.
Another institutional investor takes a big stake in Rivian.
Rivian hires a new manufacturing Vice President as rollout continues.

Stocks Reporter FXStreet

NASDAQ:RIVN continues its strong performance to start the week as yet another institutional investor initiates a major stake in the company. On Tuesday, shares of Rivian soared again and rose by 5.81% and closed the trading day at $66.29. The EV sector in general saw a nice bump on Tuesday as the NASDAQ rebounded by 2.53%. The sector was also given some momentum over the weekend as companies like General Motors (NYSE:GM) took out multiple ads during the Super Bowl on Sunday. From a business standpoint, the ads for GMC’s new electric Silverado truck only leads to more consumers being interested in the electric pickup truck market.

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Just a day after George Soros’ investment fund reported that it had started a stake in Rivian back in December, another major fund has followed suit. Dan Sundheim’s D1 Capital Partners started a massive $1.6 billion stake in Rivian as well. The fund purchased 15.5 million shares in December which obviously means that the current position is trading at a much lower price. D1 Capital Partners also added to its position in industry leader Tesla (NASDAQ:TSLA) showing that the fund is bullish on electric vehicles right now.

RIVIAN stock forecast

Rivian also announced it has hired a new Vice President of Manufacturing. Tim Fallon has joined the company at its Normal, Illinois manufacturing plant. Fallon previously was the Vice President of Manufacturing for Nissan at its plant in Mississippi, and will succeed Rivian’s previous VP of Manufacturing, Erik Fields. Fields is transitioning out of the role with Rivian and will be leaving the company in the near future.

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Stocks Reporter

FXStreet

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