"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 56.26% 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-maker continues to work on its Georgia plant, which is slated to open in 2028. This past summer, Rivian announced a partnership with Google Maps on a new navigation system for its electric vehicles. Rivian will continue to offer its own customized navigation interface on the 15.6-inch center touchscreen, but the underlying data is now powered by the Automotive SDK from Google Maps instead of third-party alternatives."
"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. But as the COVID-19 lockdown investing frenzy died out, it left an SUV-sized hole in Rivian's stock price, with the stock currently trading more than 85% lower than its post-IPO and all-time high."
Rivian's shares have rallied recently, gaining 7.04% over the past five trading sessions and 41.43% year-to-date, while trading 21.90% above its one-year level. Q3 results showed revenue of $1.56 billion beating expectations but quarterly EPS of $0.65 missed the $0.72 forecast. Institutional investors hold 56.26% of the float, with Amazon owning more than 158 million shares. Rivian is developing a Georgia plant scheduled to open in 2028 and partnered with Google Maps to power navigation data while retaining a customized interface. The company IPO'ed in November 2021, raised cash amid heavy 2021 operating losses and low deliveries, and remains far below its IPO peak.
Read at 24/7 Wall St.
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