5 Best Growth Stocks To Buy According To George Soros

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

Soros Fund Management’s Stake Value: $538,408,000 

Percentage of Soros Fund Management’s 13F Portfolio: 9.19%

Number of Hedge Fund Holders: 30

Rivian Automotive, Inc. (NASDAQ:RIVN) is on track to become a major player in the electric vehicle (EV) market. The company has the potential to disrupt the EV market with its innovative technology and first-mover advantage. George Soros is betting big on this EV maker. As of September 30, Soros Fund Management has a position worth $538.4 million in the company. The investment covers 9.19% of George Soros’ 13F portfolio.

On November 9, Rivian Automotive, Inc. (NASDAQ:RIVN) posted earnings for the third quarter of fiscal 2022, in which it beat EPS expectations by $0.26. The company generated a revenue of $536 million, up 53,500% year over year. Wall Street is bullish on Rivian Automotive, Inc. (NASDAQ:RIVN). This November, Canaccord analyst George Gianarikas updated his price target on Rivian Automotive, Inc. (NASDAQ:RIVN) to $55 from $61 and reiterated a Buy rating on the shares. On November 10, Deutsche Bank analyst Emmanuel Rosner revised his price target on Rivian Automotive, Inc. (NASDAQ:RIVN) to $43 from $44 and maintained a Buy rating on the shares.

At the end of Q3 2022, Rivian Automotive, Inc. (NASDAQ:RIVN) was spotted on 30 investors’ portfolios that held collective stakes of $1.96 billion in the company. This is compared to 35 positions in the previous quarter with stakes worth $1.59 billion.

Here is what Baron Funds had to say about Rivian Automotive, Inc. (NASDAQ:RIVN) in its third-quarter 2022 investor letter:

“Rivian Automotive, Inc. (NASDAQ:RIVN) designs, manufactures, and sells consumer and commercial electric vehicles (EVs). Shares of Rivian were up 28% in the third quarter driven by second quarter production that beat expectations, a new partnership with Mercedes Benz, and the positive potential impact of the recently announced Inflation Reduction Act on accelerating broader EV adoption. While Rivian continues to be impacted by supply-chain issues that are causing delays in its production ramp, it is addressing the challenges by diversifying its supply chain to alleviate shortages while also consolidating the number of variants in development to reduce cash burn (the company guided that current cash will be enough to support the company’s future platform launch R2 in 2025). The company also recently reported stronger than-expected third quarter production results while reiterating its annual guidance of producing 25,000 units. As semiconductor shortages ease, we believe the company will be able to rapidly ramp its production. While we retain conviction in the shares given the company’s vision, product positioning, relationship with Amazon.com, and strong balance sheet, we have reduced the size of our position.”

You can also take a look at 13 Best Bear Market Stocks To Buy and 10 Stocks Under $50 To Buy.