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Rivian electric truck. Calstrs, the second largest pension in the US, has just been loaded on electric car makers Rivian, Nikola and Lucid.
Justin Sullivan/Getty Images
America’s second-largest pensioner recently made big changes to his investments in electric car makers.
The California State Teachers’ Retirement System has bought more shares of electric car manufacturers
Rivian Motors
(Stock symbol: RIVN),
Nikola
(Nkla), and
Lucid Group
(LCID), reduce investment in
spine group
(WKHS) in the second quarter. Calstars, as the pension is known, disclosed stock trades, among other things, in the The form you submitted With the Securities and Exchange Commission.
Calstrs declined to comment on specific investment changes. “Our public equity portfolio employs both passive and positive strategies,” it said in a statement. “Portfolio holdings can change for many reasons, including managers re-balancing exposure to active or required index weights or due to corporate actions, such as a company merger, stock split, name change or similar activity.”
Calstrs’ investment portfolio amounted to approx 321.3 billion dollars As of July 31, that makes it the second largest public pension fund in the United States by assets.
The annuity purchased an additional 387,822 shares of Rivian, ending the second quarter with 988,777 shares.
Rivian stock fell 10% in the first half of the year, compared to a 16% rise in the previous year
Standard & Poor’s 500 Index,
But so far in the third quarter, stocks are up 18% while the index is down 1.7%. However, Rivian stock hasn’t recovered from the 82% decline it saw in 2022.
Strong second-quarter deliveries, which were reported in early July, lifted Rivian shares. The short squeeze, which occurs when bets against a company’s stock backfire and trigger a cycle of rising share prices, also appears to have boosted Rivian.
Nikola’s stock seemed to have picked up in the third quarter, but the rally stalled after some significant events on August 3rd and 4th. I agreed to the increase in the number of shares outstanding, allowing Nikola to sell more shares to raise capital, a move that would dilute the stakes of existing shareholders. Reported by Nikola A second quarter loss It was narrower than expected but then he said it CEO stepped down Effective immediately.
Nikola stock fell 36% in the first half of 2023, and so far in the third quarter, shares are down 11%. The stock had collapsed 78% in 2022.
Calstrs purchased an additional 221,367 shares in Nikola Corporation, ending the second quarter with 641,827 shares.
The annuity purchased an additional 616,797 shares of Lucid stock in the second quarter to bring its investment to 1.4 million shares.
Lucid stock ended the first half of the year flat, and so far its third-quarter shares are down 15%. The stock is down 82% in 2022.
Earlier this month, Lucid slashed prices for its Air luxury sedan, a sign that the electric car maker may be having trouble with demand. Exane BNP Paribas analyst James Picariello downgraded Lucid shares this month to sell from hold, and lowered the price target to $5 from $6.50.
While Calstrs traded in tires for electric car makers, it didn’t buy more shares in each of them. The annuity reduced nearly three-quarters of his stake in Workhorse to 55,201 shares in the second quarter, down from 200,679 shares in the company. end of the first.
Backbone stock is down 43% in the first half of 2023, and so far in the third quarter the shares are down 16%. Shares are down 65% in 2022.
It was workhorse stock Lost weight Three disappointing Quarterly reports And Steering lowered. Last week, spine urged its shareholders To approve a proposal to increase the number of outstanding shares of the company “until we can obtain the financing we need to continue executing on our clear path forward”.
The stock remains close to the June 27 intraday low of 70.9 cents. Backbone stock has not traded at this level since April 2019.
The Inside Scoop is a regular Barron’s feature that covers stock transactions made by corporate executives, board members – so-called insiders – as well as major shareholders, politicians and other dignitaries. Because of their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [email protected] and follow up @baronsedline.
(tags for translation)vehicles
