5 Best EV Charging Stocks To Invest In

2. Rivian Automotive Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: 32

Established in 2009, Rivian Automotive Inc. (NASDAQ:RIVN) has risen to prominence for its electric trucks, SUVs, and delivery vans. Beyond its automotive achievements, Rivian is active in EV charging infrastructure. Rivian Automotive Inc. (NASDAQ:RIVN) is investing in the development of a charging network designed to deliver seamless and efficient charging solutions for its expanding fleet of electric vehicles.

For Rivian Automotive Inc. (NASDAQ:RIVN), there was a decrease in the number of hedge funds holding its stock, from 35 in Q3 2023 to 32 in Q4 2023. However, despite this decrease in the number of hedge fund holders, the total value of these holdings saw a significant increase, from approximately $867.07 million in Q3 2023 to about $1.13 billion in Q4 2023.

Baron Funds mentioned Rivian Automotive, Inc. (NASDAQ:RIVN) in its third quarter 2023 investor letter. Here is what it said:

Shares of Rivian Automotive, Inc., a U.S.-based electric vehicle manufacturer, continued their volatile trading, and after declining during the first half of 2023, rose 45.7% during the third quarter. Rivian’s unit economics are improving as a result of several factors: i) the company’s production rate is increasing, which enables it to better absorb fixed costs; ii) Rivian is ramping-up the usage of more price effective technologies, such as LFP batteries and its in-house developed motor, Enduro; and iii) the company is benefiting from renegotiated supplier agreements, as its scale and purchasing power have significantly increased over the last few years. Management expects continued progress in profitability ahead as Rivian further scales production. We remain shareholders and believe that the release of Rivian’s new smaller SUV dubbed R2, which is planned for early 2024, would enable the company to compete in the higher volume SUV segment, and significantly expand its addressable market. On the liquidity front, we expect the company to raise additional funds to support its longer-term business plans.