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

abrdn plc increased its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) by 7.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 368,625 shares of the electric vehicle automaker’s stock after purchasing an additional 27,014 shares during the quarter. abrdn plc’s holdings in Rivian Automotive were worth $6,794,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Quadrant Capital Group LLC lifted its stake in shares of Rivian Automotive by 97.8% during the 3rd quarter. Quadrant Capital Group LLC now owns 979 shares of the electric vehicle automaker’s stock worth $32,000 after purchasing an additional 484 shares during the last quarter. Eaton Vance Management lifted its stake in shares of Rivian Automotive by 6.8% during the 1st quarter. Eaton Vance Management now owns 7,843 shares of the electric vehicle automaker’s stock worth $394,000 after purchasing an additional 497 shares during the last quarter. Gould Capital LLC lifted its stake in shares of Rivian Automotive by 175.4% during the 3rd quarter. Gould Capital LLC now owns 785 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 500 shares during the last quarter. D.A. Davidson & CO. lifted its stake in shares of Rivian Automotive by 9.1% during the 1st quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock worth $310,000 after purchasing an additional 515 shares during the last quarter. Finally, Ieq Capital LLC raised its stake in Rivian Automotive by 4.1% in the third quarter. Ieq Capital LLC now owns 13,175 shares of the electric vehicle automaker’s stock valued at $434,000 after buying an additional 517 shares during the last quarter. 67.97% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Down 0.5 %

Rivian Automotive stock opened at $13.47 on Monday. The firm has a market cap of $12.41 billion, a price-to-earnings ratio of -1.90 and a beta of 1.67. Rivian Automotive, Inc. has a 52 week low of $11.68 and a 52 week high of $40.86. The business’s 50-day moving average price is $13.53 and its 200 day moving average price is $19.15. The company has a quick ratio of 5.08, a current ratio of 5.88 and a debt-to-equity ratio of 0.21.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last posted its earnings results on Tuesday, May 9th. The electric vehicle automaker reported ($1.25) EPS for the quarter, topping the consensus estimate of ($1.51) by $0.26. The firm had revenue of $661.00 million for the quarter, compared to analyst estimates of $661.97 million. Rivian Automotive had a negative return on equity of 40.23% and a negative net margin of 292.63%. Rivian Automotive’s revenue for the quarter was up 595.8% compared to the same quarter last year. During the same period last year, the company earned ($1.43) earnings per share. As a group, sell-side analysts anticipate that Rivian Automotive, Inc. will post -5.43 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have commented on RIVN shares. Royal Bank of Canada cut Rivian Automotive from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $28.00 to $14.00 in a research note on Tuesday, April 18th. Morgan Stanley decreased their price target on Rivian Automotive from $26.00 to $24.00 in a research note on Tuesday, April 18th. Barclays decreased their price target on Rivian Automotive from $28.00 to $22.00 in a research note on Wednesday, May 10th. Cantor Fitzgerald decreased their price target on Rivian Automotive from $30.00 to $27.00 and set an “overweight” rating for the company in a research note on Wednesday, March 1st. Finally, Mizuho decreased their price target on Rivian Automotive from $35.00 to $30.00 in a research note on Wednesday, May 10th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $27.74.

Rivian Automotive Company Profile

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.