All eyes are on Rivian (NASDAQ:RIVN) as the electric vehicle (EV) company will report its fourth-quarter and 2022 full-year earnings after the market close today. The company is currently in the process of ramping up production, and Wall Street analysts are expecting about 65,000 vehicles this year compared with actual production of 24,337 vehicles last year. RIVN stock is up 3% so far today ahead of its earnings release.
For revenue, analysts are forecasting $742.39 million, which would imply year-over-year (YOY) growth of 1,274%. The low estimate comes in at $614 million, while the high is $868.8 million. Meanwhile, earnings per share (EPS) is expected to tally in at a loss of $1.94. The low estimate is a loss of $2.20, while the high is a loss of $1.52. Rivian reported an EPS loss of $2.43 a year ago.
If these estimates pan out, Rivian would report 2022 full-year revenue of $1.73 billion and an EPS loss of $6.71. It’s more than clear the company is miles away from profitability, as ramping up production is currently the main goal. Rivian may focus more on profitability once the challenge of scaling production is solved.
It should be noted that early investor Ford (NYSE:F) reported selling 91.45 million shares of RIVN stock during Q4. Following the sale, the legacy automaker still owns 10.5 million shares, compared with 101.95 million shares during Q3.
5 Investors Betting on RIVN Stock Ahead of Earnings
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q4, 580 13F filers disclosed ownership in RIVN, an increase of 15 filers from the prior quarter. In total, these filers own 604.43 million shares of the company, down from 626.01 million shares. Meanwhile, the institutional put/call ratio sits at 0.74, up slightly from 0.73. That’s equivalent to 24.57 million puts and 33.05 million calls, implying a bullish options stance. With that in mind, let’s take a look at Rivian’s largest shareholders:
- Amazon (NASDAQ:AMZN): 158.36 million shares. Amazon’s position remained unchanged during Q4.
- T. Rowe Price (NASDAQ:TROW): 116.6 million shares. T. Rowe sold 24.03 million shares during Q4.
- Global Oryx Group: 113.93 million shares. Global Oryx’s stake is accurate as of Q4 of 2021.
- BlackRock (NYSE:BLK): 49.46 million shares. BlackRock purchased 2.9 million shares during Q4.
- Vanguard: 37.04 million shares. Vanguard purchased 800,715 shares during Q4.
On the date of publication, Eddie Pan held a LONG position in AMZN. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
