5 Growth Stocks in Billionaire George Soros’ Portfolio

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

Number of Hedge Fund Holders: 29

Soros Fund Management’s Holdings: $996,549,000

Percentage of Soros Fund Management’s Portfolio: 15.15%

Stock Price as of June 30: $26.99

Return since March 31: -30.5%

Rivian Automotive, Inc. (NASDAQ:RIVN) is an Irvine, California-based EV maker founded in 2009.

On June 27, Vijay Rakesh at Mizuho maintained a Buy rating on Rivian Automotive, Inc. (NASDAQ:RIVN) stock with a target price of $70. The analyst lowered the unit delivery forecasts for Q2 and the second half of 2022 due to supply chain-related challenges and the lockdown in China. However, Rakesh shared that he sees strong demand for electric vehicles despite the ever-increasing cost and long lead times during the second half of this year. The analyst added that the global battery electric vehicle penetration increased from 8% in 2021 to 11.4% in May 2022. Rivian Automotive, Inc. (NASDAQ:RIVN) intends to use the $17 billion in cash wisely so that it can support the 2025 launch of its R2 vehicle platform.

Here’s what Baron Funds said about Rivian Automotive, Inc. (NASDAQ:RIVN) in its Q1 2022 investor letter:

“Rivian Automotive, Inc. designs, manufactures, and sells consumer and commercial electric vehicles. Shares of Rivian continued its volatile trading following the stock’s IPO in late 2021, declining 52% in the first quarter as investors rotated out of fast-growing long-duration stocks and as industrywide supply-chain issues delayed Rivian’s production ramp. In addition, even while other automotive companies raised prices due to inflationary pressures, Rivian launched a price increase campaign that was not well communicated and, as a result, was met with dissatisfaction by existing reservation holders. While this was an unforced error, the company quickly corrected course, reversing its decision to raise prices for existing reservations, while maintaining the increase on new buyers (which has not caused a material impact to demand). We retain conviction in the shares given management’s vision, Rivian’s product positioning, the company’s relationship with Amazon.com, and the company’s strong balance sheet, which will help it overcome the current challenges while taking advantage of the long-term opportunity as the market transitions to electric vehicles.”

Rivian Automotive, Inc. (NASDAQ:RIVN) was held by 29 hedge funds at the end of Q1 2022.

You can also take a peek at 10 Defensive Stocks in Billionaire Ray Dalio’s Latest Portfolio and Top 10 Dividend Stocks to Buy According to James Katz’s Humankind Investments.

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