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

Krane Funds Advisors LLC lessened its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 2.9% in the third quarter, according to its most recent disclosure with the Securities and 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 comprises about 0.1% of Krane Funds Advisors LLC’s investment portfolio, making the stock its 22nd largest holding. Krane Funds Advisors LLC’s holdings in Rivian Automotive were worth $2,530,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Quent Capital LLC increased its position in shares of Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 831 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings 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 worth $29,000 after acquiring an additional 2,380 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Rivian Automotive during the second quarter worth about $37,000. First Horizon Advisors Inc. lifted its holdings in shares of Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock valued at $38,000 after purchasing an additional 670 shares in the last quarter. Finally, Blue Trust Inc. grew its position in shares of Rivian Automotive by 39.0% in the 2nd quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock valued at $43,000 after purchasing an additional 907 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,333 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total transaction of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares of the company’s stock, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, 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 Down 0.1 %

Shares of NASDAQ RIVN opened at $10.02 on Tuesday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week high of $24.61. The stock’s fifty day moving average is $12.29 and its 200 day moving average is $12.26. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. The stock has a market capitalization of $10.10 billion, a P/E ratio of -1.68 and a beta of 2.03.

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

Wall Street Analyst Weigh In

A number of research analysts have weighed in on RIVN shares. Wells Fargo & Company cut their price target on shares of Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of Rivian Automotive in a research report on Wednesday, June 26th. Needham & Company LLC reduced their target price on shares of Rivian Automotive from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Canaccord Genuity Group dropped their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Finally, DA Davidson upped their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $17.18.

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.