5 Quarterly Reports Everyone is Talking About

2. Rivian Automotive, Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: 47

Shares of Rivian Automotive, Inc. (NASDAQ:RIVN) jumped nearly 18 percent on Thursday, May 12, 2022, following its first-quarter results. The Irvine-based electric vehicle maker reported an adjusted loss of $1.43 per share, compared to analysts’ average estimate for a loss of $1.44 per share.

On the downside, the quarterly revenue of $95 million missed the consensus of $130.5 million with a big margin. In addition, Rivian Automotive, Inc. (NASDAQ:RIVN) reported that it produced 2,553 vehicles during the first quarter. Moreover, the company also reaffirmed its target of producing 25,000 vehicles in the current fiscal year.

In a letter to shareholders, Rivian Automotive, Inc. (NASDAQ:RIVN) said:

“We are now ramping production and deliveries of our R1T, R1S, and EDV 700, and while there have been challenges in ramping these vehicles with the current supply chain backdrop, we couldn’t be more energized about the impact we can deliver. With the above launch products in mind, our goal is to build Rivian into one of the most recognizable brands in the world.”