13 Best Meme Stocks To Buy Right Now

4. Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: 40

Rivian Automotive, Inc. (NASDAQ:RIVN) creates and produces electric vehicles and accessories. Its lineup includes the R1T pickup truck and the R1S SUV. The company frequently trends among retail investors, placing it among the best meme stocks. On March 6, Rivian introduced its upcoming mid-size SUV, the R2, which will start at approximately $45,000 – about half the price of its current models. CFO Claire McDonough emphasized that launching the R2 is a priority as the firm pushes toward global expansion.

In the fourth quarter of 2024, Rivian Automotive, Inc. (NASDAQ:RIVN) lowered its production costs by $31,000 per vehicle while increasing its automotive revenue per unit excluding regulatory credits to $86,000. This was due to higher average selling prices following the introduction of the Tri-Motor model. The company also generated nearly $300 million from regulatory credit sales during the fourth quarter. Cash equivalents and short-term investments rose to $7.7 billion, up from $6.7 billion in the previous quarter. Meanwhile, inventory levels at the end of the year were $372 million lower than at the close of 2023, mainly due to a reduction in raw materials and finished goods.

According to Insider Monkey’s fourth quarter database, 40 hedge funds were bullish on Rivian Automotive, Inc. (NASDAQ:RIVN), compared to 31 funds in the last quarter. Gil Simon’s SoMa Equity Partners is one of the leading shareholders of the company, with a position worth $112.87 million.