5 Investors Betting Big on Rivian (RIVN) Stock

Source: Miro Vrlik Photography / Shutterstock.com

Shares of Rivian (NASDAQ:RIVN) stock have fallen by about 10% this week after the electric vehicle (EV) company confirmed that it acquired Iternio for an undisclosed sum. Based in Sweden, Iternio is best known for ABetterRoutePlanner (ABRP), which is a route planning application specialized for EVs.

Since its inception, ABRP has assisted with over 95 million trips and also offers services such as weather, traffic updates and EV charging station locators. Additionally, the application offers a premium membership as well as application planning interface (API) functionality.

Earlier this week, Rivian announced that it would adopt Tesla’s (NASDAQ:TSLA) charging standard, which will give its customers access to over 12,000 Superchargers with adapters across the U.S. and Canada. Tesla charging accessibility for Rivian vehicles will become active as soon as spring 2024.

In the meantime, Rivian will still work on its own network of chargers. By 2025, the emerging EV company expects to outfit its vehicles with Tesla standard charging ports. “Solving broad-scale adoption of electrification requires a level of collaboration, particularly on charging, that’s not typical for automotive,” said CEO R. J. Scaringe.

Rivian has issued 2023 production guidance of 50,000 vehicles, which was reiterated during its first-quarter earnings. The company produced 9,395 vehicles and delivered 7,946 of them for the three months ended March 31.

5 Investors Betting Big on RIVN Stock

Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q1, 567 13F filers disclosed a stake in RIVN, a decline of 19 filers from the prior quarter. In total, these filers own 571.36 million shares of RIVN, down from 605.04 million shares. Among the filers, seven of them own Rivian in their top 10 positions. Meanwhile, the institutional put/call ratio sits at 0.84 as of Q1, up from 0.74. That’s equivalent to roughly 34.33 million puts and 40.73 million calls, implying a bullish options stance.

With that in mind, let’s take a look at Rivian’s largest shareholders:

  1. Amazon (NASDAQ:AMZN): 158.36 million shares. Amazon’s stake remained unchanged during Q1.
  2. Global Oryx: 113.93 million shares. Global Oryx’s stake is accurate as of Q2 of 2022.
  3. T. Rowe Price (NASDAQ:TROW): 76.77 million shares. T. Rowe sold off 39.82 million shares during Q1.
  4. Vanguard: 61.42 million shares. Vanguard acquired 24.39 million shares during Q1.
  5. BlackRock (NYSE:BLK): 50.90 million shares. BlackRock acquired 1.44 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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