Aberdeen Group plc Sells 1,809,994 Shares of Rivian Automotive, Inc. $RIVN

Key Points

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Aberdeen Group plc decreased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 54.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,521,586 shares of the electric vehicle automaker's stock after selling 1,809,994 shares during the period. Aberdeen Group plc owned 0.13% of Rivian Automotive worth $18,944,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PFS Partners LLC lifted its position in shares of Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after purchasing an additional 1,882 shares in the last quarter. Orion Capital Management LLC bought a new position in Rivian Automotive in the 4th quarter valued at $34,000. Olde Wealth Management LLC acquired a new stake in shares of Rivian Automotive in the 1st quarter valued at $37,000. Quarry LP bought a new position in Rivian Automotive in the fourth quarter valued at about $38,000. Finally, Golden State Wealth Management LLC raised its holdings in Rivian Automotive by 107.9% during the 1st quarter. Golden State Wealth Management LLC now owns 3,302 shares of the electric vehicle automaker's stock worth $41,000 after purchasing an additional 1,714 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the transaction, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.16% of the stock is owned by corporate insiders.

Rivian Automotive Stock Down 2.2%

Shares of RIVN stock traded down $0.2750 during trading hours on Wednesday, hitting $11.9750. 36,353,205 shares of the company were exchanged, compared to its average volume of 33,302,297. Rivian Automotive, Inc. has a 52 week low of $9.50 and a 52 week high of $17.15. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. The business has a 50 day moving average of $13.09 and a two-hundred day moving average of $12.94. The company has a market capitalization of $14.53 billion, a PE ratio of -3.72 and a beta of 1.80.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.Rivian Automotive's revenue for the quarter was up 12.5% on a year-over-year basis. During the same period in the previous year, the company posted ($1.46) earnings per share. Analysts anticipate that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

RIVN has been the subject of a number of recent research reports. Jefferies Financial Group reissued a "hold" rating and set a $16.00 price target on shares of Rivian Automotive in a research note on Wednesday, May 14th. Wedbush cut their price target on Rivian Automotive from $18.00 to $16.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 6th. Mizuho lifted their price objective on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Stifel Nicolaus cut their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Finally, Wells Fargo & Company lowered their target price on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Five analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $13.69.

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.