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Rivian continues to be Soros Fund largest holding after a 6M shares buy

Written by Cláudio Afonso | | LinkedIn | Twitter

According to a May 13 filing, George Soros’ Fund Management increased its stake in Rivian Automotive buying 6,045,000 Class A shares during the first quarter of 2022. Soros was one of the early investors in the electric vehicle maker buying 19,835,761 shares in Q4 2021 making Rivian its largest holding. By then, the stake in the electric vehicle manufacturer was representing about 28% of the portfolio and valuing about $2 billion. Based on Friday’s closing price, the 25.88 million Rivian shares owned by the Fund are valued at $691 million.

Last week, Rivian Automotive announced its Q1 2022 Financial Results missing the first quarter revenue estimated reporting $95 million versus the consensus estimate of $130.5 million. The EV maker reiterated its forecast to produce 25,000 vehicles in 2022. 

“Our top priority for 2022 remains ramping production in our Normal, Illinois production facility. During a pandemic and in the context of a highly constrained global supply chain, our team has introduced four different models across two vehicle platforms and produced ~5,000 vehicles since the start of production. Our manufacturing shops are demonstrating strong performance as our weekly production rates continue to climb when not constrained by supply chain limitations”, Rivian stated.

According to a SEC form released on Friday, Ford sold an additional 7 million shares of its initial investment in Rivian. The US automaker sold the shares for about $26.88 per share ($188.2 million) bringing the weekly total to $402 million and is now still owning 86,947,494 shares of the electric vehicle maker.

On Monday – one day after the insider lock up expiration date – Ford sold 8 million Rivian shares at $26.80 per share 93,947,494. Rivian shares hit on Wednesday session a new all-time-low at $19.25, more than 90% lower from its high in November 2021.

Rivian had its IPO on November 10, 2021, raising nearly $13 Billion with a price of $78.00 per share. By then, Rivian and Lucid stocks were among the favourites for short-squeeze traders leading Rivian share price to its All-Time-High at $179.47 after the first week of trading.

Written by Cláudio Afonso | | LinkedIn | Twitter