abrdn plc Raises Holdings in Rivian Automotive, Inc. (NASDAQ:RIVN)

abrdn plc lifted its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 24.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,507,829 shares of the electric vehicle automaker's stock after acquiring an additional 299,593 shares during the quarter. abrdn plc owned approximately 0.16% of Rivian Automotive worth $35,374,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Bear Mountain Capital Inc. bought a new position in Rivian Automotive in the 4th quarter worth approximately $26,000. Ancora Advisors LLC bought a new position in Rivian Automotive in the 3rd quarter worth approximately $27,000. MCF Advisors LLC boosted its stake in Rivian Automotive by 396.8% in the 3rd quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker's stock worth $30,000 after purchasing an additional 1,000 shares during the period. First Horizon Advisors Inc. boosted its stake in Rivian Automotive by 1,537.0% in the 3rd quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker's stock worth $32,000 after purchasing an additional 1,245 shares during the period. Finally, Arlington Trust Co LLC bought a new position in Rivian Automotive in the 4th quarter worth approximately $35,000. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Up 2.8 %

Shares of RIVN traded up $0.25 during midday trading on Tuesday, reaching $9.04. 33,349,638 shares of the stock were exchanged, compared to its average volume of 42,864,629. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $28.06. The company has a current ratio of 4.95, a quick ratio of 3.90 and a debt-to-equity ratio of 0.48. The company's 50 day moving average is $11.39 and its two-hundred day moving average is $15.77. The company has a market capitalization of $8.84 billion, a P/E ratio of -1.57 and a beta of 1.88.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 21st. The electric vehicle automaker reported ($1.58) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.67) by $0.09. Rivian Automotive had a negative return on equity of 45.97% and a negative net margin of 122.51%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.79 earnings per share for the current year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 2,946 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $16.20, for a total value of $47,725.20. Following the completion of the sale, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Claire Mcdonough sold 2,946 shares of Rivian Automotive stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $16.20, for a total transaction of $47,725.20. Following the completion of the transaction, the chief financial officer now directly owns 155,749 shares in the company, valued at $2,523,133.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Kjell Gruner sold 19,935 shares of Rivian Automotive stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $12.81, for a total value of $255,367.35. Following the transaction, the insider now owns 407,787 shares of the company's stock, valued at $5,223,751.47. The disclosure for this sale can be found here. Insiders have sold a total of 54,306 shares of company stock valued at $717,274 over the last quarter. 2.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

RIVN has been the topic of several recent research reports. The Goldman Sachs Group decreased their price objective on Rivian Automotive from $20.00 to $17.00 and set a "neutral" rating on the stock in a report on Thursday, January 25th. Bank of America decreased their price objective on Rivian Automotive from $40.00 to $25.00 and set a "buy" rating on the stock in a report on Thursday, February 22nd. Wells Fargo & Company decreased their price objective on Rivian Automotive from $18.00 to $14.00 and set an "equal weight" rating on the stock in a report on Thursday, February 22nd. Truist Financial reaffirmed a "hold" rating and set a $11.00 price objective on shares of Rivian Automotive in a report on Friday, April 12th. Finally, Jefferies Financial Group started coverage on Rivian Automotive in a report on Thursday, March 7th. They set a "buy" rating and a $16.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $19.61.

About Rivian Automotive

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.