Montage: EV

ANEFX New Economy Fund doubles its position on Rivian during Q2 to 1.94M shares

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

According to an NPORT-P form filed on Thursday, ANEFX – New Economy Fund more than doubled its position on Rivian Automotive shares by 116.78% in the last months. The fund reported ownership of 1,945,018 shares valued at $61.07 million as of the end of May.

In the previous form — filed on April 27 — the fund had disclosed ownership of 897,218 shares in the electric vehicle maker representing an increase in shares of 1,047,800 shares since then.

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Earlier this year, ANEFX – New Economy Fund was nominated as one of the best International Stock Funds for 2022 by Investor’s Business Daily (IBD), a leading financial news and research organization.

Recently, Amazon and Rivian Automotive announced the plan to have thousands of fully electric vans in more than 100 cities in the U.S. by the end of the year expecting to reach 100,000 by 2030.

In early May, Rivian‘s van was seen in Germany with a Swedish license plate. For other companies, Rivian plans to start accepting orders for fleet vehicles in 2022 and will start delivering them in 2023. The vans are highly configurable and have a payload capacity ranging from 1,960 pounds to 2,750 pounds, the company says.

Recently, Rivian announced that produced 4,401 vehicles at its manufacturing facility in Normal (Illinois) during the second quarter of 2022 and delivered 4,467 vehicles. The electric vehicle maker said the numbers are “in line with the company’s expectations, and it believes it is on track to deliver on the 25,000 annual production guidance previously provided.

Last week, RBC Capital analyst Joseph Spak released a new note reiterating the $77 price target and the Outperform rating on Rivian shares. The analyst expects Rivian to deliver 3,600 vehicles in the second quarter, slightly above the consensus estimates.

Recently, Rivian announced that opened three fast charging sites this week in Colorado and California, “the first deployments in its nationwide Rivian Adventure Network”.

Written by Cláudio Afonso | info@claudio-afonso.com | LinkedIn | Twitter

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