After the IPO lockup ended, retail investors snapped up shares of Rivian automotive Inc.
The electric-vehicle maker was one of the worst performers in the market, but people still went to it. On Fidelity's platform on Monday, retail-trader favorites like Apple andTesla were the most bought stocks.
Amazon.com and Ford Motor Co. made an estimated 720 million shares eligible for sale. According to a report in the Wall Street Journal, Ford has sold eight million shares of Rivian since Sunday.
Retail traders bought $22 million worth of Rivian shares on Monday, the most since early March, when the startup warned about supply-chain shortages.
Rivian was the fourth most bought stock on Fidelity's platform. There was a jump in interest on popular retail trader websites.
Retail traders have taken a hit during the stock's drop. According to data compiled by Vanda, individuals have spent an estimated $604 million on the shares since their debut in November, with the bulk of those purchases coming when it was trading well above $100.
Edward Ludlow assisted.