abrdn plc Sells 107,563 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

abrdn plc reduced its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,331,580 shares of the electric vehicle automaker’s stock after selling 107,563 shares during the period. abrdn plc owned 0.33% of Rivian Automotive worth $44,310,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. John G Ullman & Associates Inc. grew its holdings in Rivian Automotive by 9.1% during the 3rd quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after acquiring an additional 1,000 shares during the period. GHP Investment Advisors Inc. grew its stake in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 1,002 shares during the period. Tradition Wealth Management LLC grew its stake in shares of Rivian Automotive by 11.9% in the 3rd quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock valued at $132,000 after buying an additional 1,250 shares during the period. Blue Trust Inc. grew its stake in shares of Rivian Automotive by 40.3% in the 3rd quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker’s stock valued at $51,000 after buying an additional 1,301 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Rivian Automotive by 40.4% in the 3rd quarter. GAMMA Investing LLC now owns 4,871 shares of the electric vehicle automaker’s stock valued at $55,000 after buying an additional 1,401 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Guggenheim cut their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Baird R W downgraded Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 18th. Bank of America cut shares of Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. Piper Sandler dropped their target price on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research report on Friday, November 8th. Finally, Sanford C. Bernstein initiated coverage on shares of Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $15.13.

Rivian Automotive Stock Down 0.8 %

RIVN opened at $12.77 on Thursday. The company has a fifty day moving average price of $13.49 and a 200-day moving average price of $12.74. The firm has a market capitalization of $13.03 billion, a P/E ratio of -2.28 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.85.

Insider Buying and Selling

In related news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 363,142 shares of company stock worth $4,958,860. Corporate insiders own 2.51% of the company’s stock.

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.