"When Rivian reported Q3 earnings on Nov. 4, it beat on the top line but missed on the bottom line with quarterly EPS of 65 cents versus 72 expected, and revenue of $1.56 billion beating expectations of $1.5 billion. Institutional ownership remains somewhat wary of the stock, with 56.25% of its float currently held by institutions. The largest institutional holder of RIVN remains Amazon (NASDAQ:AMZN) with more than 158 million shares."
"The EV company IPO'ed in November 2021 and immediately made a splash with its stock price skyrocketing to $180 in just its first week of trading. The cash infusion was a much-needed lifeline for Rivian, with $3.7 billion in operating expenses in 2021 and only delivering 920 vehicles. The company also had backers in Amazon and Ford (NYSE:F), who held 260 million shares of Rivian collectively at IPO."
Shares of Rivian gained 2.47% over the past five trading sessions after a 14.82% surge in the prior five, indicating a short-term bottom after a skid that began in late September. On the year, RIVN is up 32.91%, and over the past year it is up 21.87%. Q3 results showed revenue of $1.56 billion beating expectations of $1.5 billion, while EPS missed at $0.65 versus $0.72 expected. Institutional investors hold 56.25% of the float, with Amazon owning more than 158 million shares. Rivian plans a Georgia plant opening in 2028 and partnered with Google Maps for navigation data while keeping a custom 15.6-inch interface. The company IPO'ed in November 2021, initially reaching $180, recorded $3.7 billion in 2021 operating expenses with 920 vehicles delivered, and currently trades more than 86% below its all-time high.
Read at 24/7 Wall St.
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