Krane Funds Advisors LLC Sells 6,843 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Krane Funds Advisors LLC decreased its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 225,533 shares of the electric vehicle automaker’s stock after selling 6,843 shares during the quarter. Rivian Automotive makes up 0.1% of Krane Funds Advisors LLC’s investment portfolio, making the stock its 22nd biggest holding. Krane Funds Advisors LLC’s holdings in Rivian Automotive were worth $2,530,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quent Capital LLC lifted its holdings in Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 831 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Rivian Automotive by 975.4% in the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the period. International Assets Investment Management LLC acquired a new position in shares of Rivian Automotive in the second quarter worth approximately $37,000. First Horizon Advisors Inc. lifted its stake in shares of Rivian Automotive by 30.7% in 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. Finally, Blue Trust Inc. boosted its holdings in Rivian Automotive by 39.0% in the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock valued at $43,000 after acquiring an additional 907 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on RIVN shares. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $16.00 to $13.00 in a research report on Wednesday, September 25th. Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $14.00 price objective on shares of Rivian Automotive in a research report on Tuesday, September 10th. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research report on Monday, September 30th. Finally, UBS Group lowered their target price on Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $17.18.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the 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 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 is accessible through the SEC website. In other news, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares of the company’s stock, valued at approximately $5,328,423.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the completion of the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $12,127,675.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 169,876 shares of company stock valued at $2,153,551. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $10.02 on Tuesday. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $24.61. The stock has a market capitalization of $10.10 billion, a P/E ratio of -1.68 and a beta of 2.03. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. The firm’s 50 day moving average is $12.29 and its 200 day moving average is $12.26.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. On average, sell-side analysts anticipate that Rivian Automotive, Inc. will post -4.88 earnings per share for the current year.

Rivian Automotive Company 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.