George Soros Renews Bet on Rivian (RIVN) Stock

Source: James Yarbrough /

Rivian (NASDAQ:RIVN) stock is in full focus after George Soros’ Soros Fund Management filed its Form 13F for the second quarter. Notably, the famed fund manager reported increasing his RIVN stock stake by 608,583 shares, or by 0.24%, compared to the first quarter. As of June 30, his Rivian stake of 4.18 million shares accounts for 1.09% of his 13F portfolio, making it his 26th largest position.

At the same time, Soros also sold off his entire stake of call options against 1 million shares of RIVN. He acquired this position during the first quarter. From Jan. 31 to June 30, Rivian’s stock price fell by about 4%. A Form 13F does not provide the specific date that an entity purchased shares, only the specific quarter. As a result, it’s not known if Soros sold out of his call position for a profit or loss.

RIVN Stock: George Soros Added Shares During Q2

Soros wasn’t the only esteemed fund manager who increased their RIVN stock position during Q2. Coatue Management’s Philippe Laffont also reported acquiring 615,829 shares, bringing his total stake to 3.32 million shares. As of June 30, Rivian accounted for 0.27% of Coatue’s 13F portfolio, making it the fund’s 42nd largest position.

Both Soros and Laffont first held a RIVN position publicly during Q4 2021, which is when the electric vehicle (EV) company hosted its initial public offering (IPO). In fact, both fund managers acquired a stake in the company before it even went public through private funding rounds.

Soros Fund Management has an average holding period of 4.14 quarters for its 13F portfolio. Positions in its top 20 positions have an average holding period of 3.05 quarters, while top 10 stocks have an average holding period of just one quarter. Soros has now owned RIVN stock for nearly two years now, which has significantly exceeded his average holding period. Meanwhile, Coatue is more of a long-term investor. The fund has an average holding period of 6.87 quarters for stocks in its 13F portfolio.

Ultimately, these two funds increasing their RIVN stake bodes well for the company. Institutional ownership of RIVN in aggregate as of Q2 will be known soon, as today is the deadline for institutional investors to file their Form 13F for the second quarter.

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

Source link

Share with your friends!

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currencies to display

Get The Latest Investing News
Straight to your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.