Shares of Rivian (NASDAQ:RIVN) stock are plummeting lower after the electric vehicle (EV) company announced its fourth-quarter earnings. Notably, Rivian guided for the production of 57,000 vehicles in 2024 compared to the analyst estimate for 81,000 vehicles, reflecting a significant miss of 29.6%. Rivian delivered 57,232 vehicles in 2023, implying that there would be no delivery growth in 2024.
During the quarter, revenue tallied in at $1.32 billion, beating the analyst estimate of $1.26 billion. Net loss was $1.52 billion compared to $1.72 billion a year ago.
The company also announced that it would lay off 10% of its salaried staff amid economic uncertainty and in a bid to cut costs.
“By incorporating new technologies and renegotiating supplier costs, we have reduced the material cost per unit,” said Rivian in its Q4 shareholder letter. “We expect to realize further cost reductions following our line shutdown in the second quarter of 2024.”
5 Investors Betting Big on RIVN Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q4, 632 13F filers disclosed a stake in RIVN stock, an increase of 15 filers compared to the prior quarter. These filers own a total of 646.25 million shares, up by a solid 7.69% compared to 600.11 million shares as of Q3. Nine of the filers own RIVN in their top 10 positions.
Hedge funds, whose data is included in 13F metrics, were even more bullish. While the number of hedge funds with a stake in RIVN declined to 115 from 129, the total shares owned by these funds increased by 14.22% to 97.56 million from 85.41 million. Six hedge funds own RIVN in their top 10 positions.
With that in mind, let’s take a look at Rivian’s largest shareholders:
- Amazon (NASDAQ:AMZN): 158.36 million shares. Amazon’s stake remained unchanged during Q4.
- T. Rowe Price (NASDAQ:TROW): 97.07 million shares. T. Rowe acquired 25.55 million shares during Q4.
- Vanguard: 68.31 million shares. Vanguard acquired 4.46 million shares during Q4.
- BlackRock (NYSE:BLK): 48.08 million shares. BlackRock acquired 1.94 million shares during Q4.
- FMR: 35.85 million shares. FMR sold 32,197 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.
