TROW - RIVN Stock Alert: 5 Investors Betting Big on Rivian Automotive
2024-05-20 11:50:21 ET
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Rivian (NASDAQ: RIVN ) stock is down by about 50% so far this year as the electric vehicle (EV) company deals with price wars, a preference of hybrids over EVs and high interest rates. Now, with the first-quarter 13F deadline past us, retail investors are able to gauge how institutional investors feel about these issues.
Rivian disappointed investors after guiding for the production of 57,000 vehicles in 2024. That represents a slight decline from 2023 when the company produced 57,232 vehicles. Revenue was a bright spot, though, as it increased by 82% year-over-year (YOY) to $1.204 billion. Analysts had expected $1.17 billion in sales.
Rivian also has new vehicles on the way, although shareholders and customers will have to be patient. Rivian’s R2 SUV is set to begin deliveries during the first half of 2026 with a starting price tag of $45,000. The R2 will be Rivian’s most affordable EV yet and is currently open for reservations, starting at $100 in the U.S. and $150 in Canada.
5 Investors Betting Big on RIVN Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. However, Rivian’s aggregate 13F statistics aren’t too compelling.
During Q1, a total of 647 filers disclosed a stake in RIVN stock, a decline of 37 filers compared to the prior quarter. These filers own a total of 603.85 million shares, which fell by 6.6% quarter-over-quarter.
Hedge funds, a subset of institutional investors, were bearish as well. A total of 111 hedge funds disclosed a stake in RIVN, down by nine filers. Total hedge fund ownership decreased by 24.11% to 74.09 million shares.
Big sellers can skew these numbers. T. Rowe Price (NASDAQ: TROW ) was the largest seller during Q1, selling 13.56 million shares and leaving it with 46.06 million shares. Two Sigma sold out of its entire position of 11.88 million shares.
With that in mind, let’s take a look at Rivian’s top 13F shareholders:
- Amazon (NASDAQ: AMZN ): 158.36 million shares. Amazon’s stake remained unchanged during Q1.
- Vanguard : 69.53 million shares. Vanguard acquired 1.22 million shares during Q1.
- BlackRock (NYSE: BLK ): 47.32 million shares. BlackRock sold 757,145 shares during Q1.
- T. Rowe Price: 46.06 million shares. T. Rowe Price sold 13.56 million shares during Q1.
- FMR : 42.34 million shares. FMR acquired 6.49 million shares during Q1.
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 .
Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.
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