Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Krane Funds Advisors LLC

Krane Funds Advisors LLC trimmed its stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 98.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,530 shares of the electric vehicle automaker's stock after selling 229,846 shares during the period. Krane Funds Advisors LLC's holdings in Rivian Automotive were worth $28,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in RIVN. Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Rivian Automotive by 55.7% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 73,764 shares of the electric vehicle automaker's stock worth $828,000 after buying an additional 26,374 shares in the last quarter. Bleakley Financial Group LLC purchased a new stake in Rivian Automotive in the third quarter worth about $310,000. Vontobel Holding Ltd. grew its holdings in Rivian Automotive by 543.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock worth $1,601,000 after acquiring an additional 120,544 shares in the last quarter. Renaissance Capital LLC increased its position in Rivian Automotive by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock valued at $9,958,000 after purchasing an additional 148,197 shares during the period. Finally, Creative Planning raised its holdings in shares of Rivian Automotive by 6.7% in the 3rd quarter. Creative Planning now owns 115,686 shares of the electric vehicle automaker's stock valued at $1,298,000 after purchasing an additional 7,236 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock traded down $0.08 during trading hours on Friday, reaching $10.04. The stock had a trading volume of 18,262,144 shares, compared to its average volume of 39,530,004. The stock's 50 day moving average is $12.43 and its 200 day moving average is $12.25. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $24.61. The firm has a market capitalization of $10.12 billion, a PE ratio of -1.70 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its earnings results on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Equities analysts expect that Rivian Automotive, Inc. will post -4.88 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on RIVN. Truist Financial reduced their price target on Rivian Automotive from $16.00 to $12.00 and set a "hold" rating for the company in a research report on Wednesday. UBS Group reduced their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, August 7th. Barclays lowered their price target on shares of Rivian Automotive from $16.00 to $13.00 and set an "equal weight" rating on the stock in a report on Tuesday. Royal Bank of Canada reiterated a "sector perform" rating and set a $15.00 price objective on shares of Rivian Automotive in a research note on Friday, August 16th. Finally, Canaccord Genuity Group lowered their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $17.18.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the firm's stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $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 accessible through the SEC website. In other news, CFO Claire Mcdonough sold 3,210 shares of the company's stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the 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 sale, the chief executive officer now directly owns 886,526 shares of the company's stock, valued at approximately $10,319,162.64. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 241,305 shares of company stock valued at $3,369,273 over the last quarter. 2.51% of the stock is currently owned by insiders.

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.