abrdn plc Has $35.37 Million Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

abrdn plc increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 24.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 1,507,829 shares of the electric vehicle automaker’s stock after buying an additional 299,593 shares during the quarter. abrdn plc’s holdings in Rivian Automotive were worth $35,374,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in RIVN. Bear Mountain Capital Inc. bought a new position in Rivian Automotive during the fourth quarter valued at approximately $26,000. Ancora Advisors LLC bought a new position in Rivian Automotive during the third quarter valued at approximately $27,000. MCF Advisors LLC raised its position in Rivian Automotive by 396.8% during the third quarter. MCF Advisors LLC now owns 1,252 shares of the electric vehicle automaker’s stock valued at $30,000 after acquiring an additional 1,000 shares in the last quarter. First Horizon Advisors Inc. raised its position in Rivian Automotive by 1,537.0% during the third quarter. First Horizon Advisors Inc. now owns 1,326 shares of the electric vehicle automaker’s stock valued at $32,000 after acquiring an additional 1,245 shares in the last quarter. Finally, Arlington Trust Co LLC bought a new position in Rivian Automotive during the fourth quarter valued at approximately $35,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on RIVN shares. Jefferies Financial Group initiated coverage on shares of Rivian Automotive in a research report on Thursday, March 7th. They set a “buy” rating and a $16.00 price objective on the stock. Bank of America dropped their price target on shares of Rivian Automotive from $40.00 to $25.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Robert W. Baird dropped their price target on shares of Rivian Automotive from $30.00 to $23.00 and set an “outperform” rating on the stock in a research report on Thursday, February 22nd. Wolfe Research reissued a “peer perform” rating on shares of Rivian Automotive in a research report on Thursday, January 4th. Finally, DA Davidson dropped their price target on shares of Rivian Automotive from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Thursday, February 22nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.61.

Insider Activity

In other news, CFO Claire Mcdonough sold 2,946 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $16.20, for a total value of $47,725.20. Following the sale, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Claire Mcdonough sold 2,946 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $16.20, for a total transaction of $47,725.20. Following the transaction, the chief financial officer now owns 155,749 shares in the company, valued at approximately $2,523,133.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Jeff Baker sold 31,425 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $13.18, for a total transaction of $414,181.50. Following the transaction, the chief accounting officer now owns 52,415 shares in the company, valued at approximately $690,829.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 54,306 shares of company stock worth $717,274. Corporate insiders own 2.30% of the company’s stock.

Rivian Automotive Stock Up 1.9 %

RIVN opened at $8.79 on Tuesday. Rivian Automotive, Inc. has a fifty-two week low of $8.26 and a fifty-two week high of $28.06. The company has a debt-to-equity ratio of 0.48, a current ratio of 4.95 and a quick ratio of 3.90. The firm’s fifty day moving average price is $11.39 and its two-hundred day moving average price is $15.77. The company has a market capitalization of $8.59 billion, a P/E ratio of -1.53 and a beta of 1.88.

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

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.