Jim Cramer Recommends Selling These 5 Stocks

In this article, we will take a look at the 5 stocks that Jim Cramer recommends selling. To see more such companies, go directly to Jim Cramer Recommends Selling These 12 Stocks.

5. Rivian Automotive, Inc. (NASDAQ:RIVN) 

Number of Hedge Fund Holders: 37

California-based EV company Rivian Automotive, Inc. (NASDAQ:RIVN) shares have gained about 34% year to date. Jim Cramer recommended investors to sell Rivian Automotive, Inc. (NASDAQ:RIVN) about two months ago during a program on CNBC.

A total of 37 hedge funds in Insider Monkey’s database of hedge funds had stakes in Rivian Automotive, Inc. (NASDAQ:RIVN) as of the end of the second quarter of 2023. The biggest stakeholder of Rivian Automotive, Inc. (NASDAQ:RIVN) was Daniel Sundheim’s D1 Capital Partners which has a $231 million stake in the company.

Baron Fifth Avenue Growth Fund made the following comment about Rivian Automotive, Inc. (NASDAQ:RIVN) in its second quarter 2023 investor letter:

“During the second quarter, we also added to our position in EV manufacturer Rivian Automotive, Inc. (NASDAQ:RIVN). After a complex period since the company’s IPO, in which Rivian tried to ramp multiple vehicles simultaneously while struggling to overcome unprecedented supply-chain bottlenecks, the company seems to have turned the corner. Production is now starting to scale up, which should help the company improve its plant utilization and subsequently help gross margins. The company is making notable progress in cost improvements by renegotiating with its suppliers, utilizing its larger scale to get better pricing, as well as, incorporating various technological advancements that would improve its cost structure while also improving the vehicles’ performance (for example it’s Enduro drive unit which is progressing ahead of plan).”