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

abrdn plc lifted its position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 17.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,439,143 shares of the electric vehicle automaker's stock after purchasing an additional 518,561 shares during the quarter. abrdn plc owned about 0.34% of Rivian Automotive worth $38,587,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of RIVN. Quent Capital LLC raised its stake in shares of Rivian Automotive by 74.3% in the second 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. EverSource Wealth Advisors LLC grew 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 worth $29,000 after acquiring an additional 2,380 shares during the period. GHP Investment Advisors Inc. grew its holdings 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 acquiring an additional 1,002 shares during the period. International Assets Investment Management LLC acquired a new stake in Rivian Automotive during the second quarter worth about $37,000. Finally, First Horizon Advisors Inc. grew its holdings in Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker's stock worth $38,000 after acquiring an additional 670 shares during the period. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the sale, the chief executive officer now owns 886,526 shares in the company, valued at $12,127,675.68. The trade was 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 through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive 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 completion of the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 169,876 shares of company stock worth $2,153,551. 2.51% of the stock is owned by corporate insiders.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN traded down $0.29 during midday trading on Thursday, hitting $10.10. The stock had a trading volume of 25,640,488 shares, compared to its average volume of 38,890,461. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.61. The company has a market capitalization of $10.18 billion, a PE ratio of -1.69 and a beta of 2.03. The company has a quick ratio of 4.01, a current ratio of 5.25 and a debt-to-equity ratio of 0.81. The stock has a 50 day simple moving average of $11.88 and a 200-day simple moving average of $12.27.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.17 billion. On average, sell-side analysts expect that Rivian Automotive, Inc. will post -4.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RIVN. JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a report on Tuesday, October 22nd. Morgan Stanley lowered Rivian Automotive from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Wedbush reissued an "outperform" rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Wednesday, August 7th. Mizuho raised their price objective on Rivian Automotive from $11.00 to $15.00 and gave the company a "neutral" rating in a report on Friday, July 12th. Finally, Truist Financial dropped their price objective on Rivian Automotive from $16.00 to $12.00 and set a "hold" rating on the stock in a report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $17.09.

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.