Why Nikola Stock Popped Today
Shares of electric and fuel-cell-powered truck company Nikola (NASDAQ: NKLA) soared 11% through 12:15 p.m. ET this afternoon after Barron's reported that the California State Teachers' Retirement System (CalSTRS, the second-largest pension fund in the U.S.) has increased its investment in the EV company.
In the second quarter of 2023, CalSTRS added 221,367 Nikola shares to its holdings, a 52% increase that brings its total investment in the EV maker to 641,827 shares.
This shouldn't necessarily be taken as a vote of confidence in Nikola in particular, though. Turns out, CalSTRS also raised its investment in Rivian Automotive (NASDAQ: RIVN) by 64.5%, and in Lucid Group (NASDAQ: LCID) by nearly 79%.
Source Fool.com
