5 Best EV Charging Stocks According to Hedge Funds

2. Rivian Automotive Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: 37

Rivian Automotive Inc. (NASDAQ:RIVN) was upgraded from Neutral to Outperform on August 11 by James Picariello at Exane BNP Paribas, who also placed a $30 price target on the stock.

We saw 37 hedge funds long Rivian Automotive Inc. (NASDAQ:RIVN) in the second quarter, with a total stake value of $782.9 million.

Based in Irvine, California, Rivian Automotive Inc. (NASDAQ:RIVN) is an EV maker that provides wall chargers for EVs as well, among other charging products and solutions.

Here’s what Baron Funds said about Rivian Automotive Inc. (NASDAQ:RIVN) in its first-quarter 2023 investor letter:

“Shares of Rivian Automotive, Inc. (NASDAQ:RIVN), a U.S.-based EV manufacturer, fell during the quarter. Despite seven-fold growth in its monthly production rate between late 2021 and the end of 2022, production guidance for 2023 missed analyst forecasts because of supply-chain constraints, principally semiconductors. Moreover, notwithstanding an attractive long-term opportunity and favorable product reviews by customers and industry experts, investors remain concerned about liquidity risks as the company burns cash during its early production stage while unit economics remain challenged. Vehicle sales through the end of 2023 will be at Rivian’s legacy vehicle pricing, which was set before inflationary and supply-chain pressures emerged last year across the entire automotive space. New pricing and improved unit economics should be realized in 2024, and Rivian is slated to launch its R2 vehicle line in 2026. We have adjusted Rivian to a smaller position in our portfolio. Despite near-term macro and execution risks, we do believe that Rivian’s current valuation offers attractive long-term returns. During the year, we will remain focused on Rivian’s production ramp, vehicle demand, unit-level economics, and cost controls as well as progress on its R2 vehicle platform, its next-gen Enduro electric motor, and its battery system advancements.”

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