It’s 13-F filing season! For investors looking to see what the smart money has been doing for the past quarter, this is certainly an exciting time of the quarter. Unfortunately, for investors in Rivian (NASDAQ:RIVN), 13-F announcements can work in both directions, with news George Soros roughly halved his position in RIVN stock putting a damper on another wise bullish rally in this stock.
In fact, RIVN stock is up nearly 2% at the time of writing, with investors brushing off these concerns. Thus, while George Soros may be giving up on Rivian, it’s clear many other investors are still onboard for the ride.
Interestingly, this news comes on the heels of additional announced selling from rival Ford (NYSE:F), which cut its stake further in Rivian. At the end of 2021, Ford owned around 11% of the upstart electric vehicle (EV) maker, but this recent round of selling brought the automaker’s position down to around 1%.
Let’s dive into what investors should make of this news.
Is RIVN Stock a Sell Following These Big Money Moves?
There’s a reason why so many investors follow what the George Soroses of the world are doing. These investors, known for making well-timed moves in the market, tend to know more than the average person. Thus, it’s risky business zigging when they’re zagging.
However, Soros’ recent moves, which included slashing his Rivian stake while building a big position in rival Tesla (NASDAQ:TSLA), are noteworthy. The investing magnate appears to believe that Tesla’s market position trumps Rivian’s growth profile, choosing the known commodity over a higher-leverage play on the EV sector.
Fair enough. It’s hard to bet against Soros and his rather impeccable timing.
However, it’s also interesting to see the relative lack of reaction in RIVN stock to these moves. We’ll see whether the broader market or these big money players will be right in the longer term. For now, these EV stocks are all ones to keep on the radar, in my view.
On the date of publication, Chris MacDonald did not have (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 InvestorPlace.com Publishing Guidelines.
