Rivian Automotive Stock News and Forecast: Is RIVN a better bet than TSLA and LCID with Soros backing?

RIVN stock lost more ground on Friday as markets remained weak.
More losses are likely on Monday as Russia-Ukraine fears mount.
Latest filings show Soros Fund has a decent stake in Rivian.

Ivan Brian FXStreet

Rivian (RIVN) shares finished the week in a subdued manner after trying a mid-week recovery. Friday saw more losses for the electric vehicle startup as global equities took fright from yet more worrying inflation data. RIVN closed down a whopping 9% at $58.85. $50 is now definitely in sight. Other EV manufacturers fared equally poorly with Lucid Group (LCID) falling over 7% and sector leader Tesla (TSLA) falling just under 5%.

Rivian Stock News

Rivian did see some interesting news over the weekend with the latest hedge fund filings. It would appear from these that Soros Fund Management bought nearly $2 billion worth of shares in Rivian. According to Reuters, the fund owned just under 20 million shares to the end of December last year. We do not know if these were bought in the IPO process or when. We also do not know if the shares are still held by the fund as the data is to the end of December. However, based on the performance year to date, we estimate the transaction is down nearly $1 billion dollars. Rivian is down 43% year to date. Benzinga also reported on Friday that Rivian shares were being hit on concerns over production delays. This was an issue in the last quarterly earnings report. The overall value of the fund is $7.3 billion, and so Rivian represents a large bet.

2022 has not been kind to investors in the EV sector. TSLA is down 18%, RIVN is down 43% and LCID is down 32% for the year so far. Given that Rivian and Lucid are at a much earlier stage of development than Tesla, they will likely continue to underperform. High growth stocks with little to no profit will continue to underperform. Thursday's increasing inflation figure will see this trend continue until at least the next quarter.

Rivian Stock Forecast

We identified the volume shelf below $56, which would likely see a quick move to $50. This is still in the cards. Also of note is the stairs formation from the last three brief rallies, though rally is hardly descriptive. It is merely a pause in the downtrend. The same formation has set up again and with the target set at $50 and below.

Rivian (RIVN) stock chart, daily

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Author

Ivan Brian

FXStreet

Ivan Brian started his career with AIB Bank in corporate finance and then worked for seven years at Baxter. He started as a macro analyst before becoming Head of Research and then CFO.

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