It has been an excellent year for Rivian (NASDAQ:RIVN), as shares have increased by more than 20% so far in 2023. Earlier this month, the emerging electric vehicle (EV) company reported second-quarter earnings, beating on both revenue and adjusted loss per share.
For the period, revenue tallied in at $1.12 billion, beating the estimate for $1 billion, while adjusted loss per share was $1.08, beating the estimate for a loss of $1.41 per share. Rivian also raised its 2023 production guidance to 52,000 vehicles from 50,000 vehicles. Through June 30, the company has produced 23,387 vehicles, which has almost surpassed the company’s entire 2022 production of 24,337 vehicles.
“We have achieved meaningful reductions in both R1 and EDV vehicle unit cost across the key components, including material costs, overhead and logistics,” said CEO R.J. Scaringe. “It was a strong quarter, and we remain focused on ramping production, driving cost efficiencies, developing future technologies, and enhancing the customer experience.”
5 Investors Betting Big on RIVN Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q2, 574 13F filers disclosed a stake in RIVN stock, an increase of three filers from the prior quarter. Nine of these filers own Rivian in their top 10 positions, compared to seven filers last quarter. In total, these filers own 594.12 million shares, up by about 4% compared to 571.35 million shares. Meanwhile, the institutional put/call ratio as of June 30 was 1.08, up from 0.84. That’s equivalent to 41.03 million puts and 37.82 million calls, implying a slightly bearish options stance.
Hedge funds seem more bullish than institutional investors as a whole. According to WhaleWisdom, 120 hedge funds reported owning a RIVN stake, up by nine filers. Of those filers, four own Rivian in their top 10 positions. In total, hedge funds account for ownership of 72.39 million shares, up by about 15% from 63.05 million shares.
With that in mind, let’s take a look at Rivian’s largest shareholders as of the second quarter:
- Amazon (NASDAQ:AMZN): 158.36 million shares. Amazon’s stake remained unchanged during Q2.
- T. Rowe Price Associates (NASDAQ:TROW): 73.29 million shares. T. Rowe sold off 3.48 million shares during Q2.
- Vanguard: 63.43 million shares. Vanguard acquired 2.00 million shares during Q2.
- BlackRock (NYSE:BLK): 55.82 million shares. BlackRock acquired 4.92 million shares during Q2.
- FMR: 36.24 million shares. FMR acquired 2.12 million shares during Q2.
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 InvestorPlace.com Publishing Guidelines.
