Rivian Automotive, Inc. (NASDAQ:RIVN) Position Increased by abrdn plc

abrdn plc raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 17.8% during the third quarter, HoldingsChannel.com reports. The firm owned 3,439,143 shares of the electric vehicle automaker’s stock after buying an additional 518,561 shares during the quarter. abrdn plc’s holdings in Rivian Automotive were worth $38,587,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Quent Capital LLC increased its stake in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the last quarter. GHP Investment Advisors Inc. increased its position in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after buying an additional 1,002 shares during the last quarter. EverSource Wealth Advisors LLC raised its holdings in Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive in the second quarter worth about $37,000. Finally, First Horizon Advisors Inc. lifted its position in shares of Rivian Automotive by 30.7% in the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares during the last quarter. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Stock Down 0.8 %

Shares of RIVN opened at $10.39 on Thursday. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61. The stock has a market cap of $10.48 billion, a price-to-earnings ratio of -1.74 and a beta of 2.03. The company has a 50-day moving average price of $11.94 and a two-hundred day moving average price of $12.28. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative net margin of 115.50% and a negative return on equity of 65.40%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.17 billion. Equities analysts predict that Rivian Automotive, Inc. will post -4.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RIVN shares. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. Wells Fargo & Company reduced their price objective on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. UBS Group lowered their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. The Goldman Sachs Group dropped their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating on the stock in a report on Tuesday, October 8th. Finally, Wolfe Research initiated coverage on shares of Rivian Automotive in a report on Thursday, September 5th. They set a “peer perform” rating for the company. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and a consensus target price of $17.09.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the completion of the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $10,319,162.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now directly owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 169,876 shares of company stock valued at $2,153,551. 2.51% of the stock is owned by insiders.

Rivian Automotive Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.