Krane Funds Advisors LLC Sells 35,004 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Krane Funds Advisors LLC trimmed its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 15.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 190,529 shares of the electric vehicle automaker’s stock after selling 35,004 shares during the quarter. Rivian Automotive comprises about 0.1% of Krane Funds Advisors LLC’s holdings, making the stock its 21st biggest holding. Krane Funds Advisors LLC’s holdings in Rivian Automotive were worth $2,534,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of RIVN. Tandem Financial LLC bought a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust purchased a new stake in Rivian Automotive during the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB bought a new stake in shares of Rivian Automotive in the 3rd quarter worth $28,000. Bear Mountain Capital Inc. raised its stake in shares of Rivian Automotive by 208.0% in the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the last quarter. Finally, AllSquare Wealth Management LLC lifted its holdings in shares of Rivian Automotive by 8,794.1% during the fourth quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker’s stock valued at $40,000 after purchasing an additional 2,990 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 35,713 shares of the company’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 113,998 shares of company stock valued at $1,433,468. Insiders own 2.51% of the company’s stock.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several research analyst reports. TD Cowen initiated coverage on Rivian Automotive in a report on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. Bank of America cut shares of Rivian Automotive from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $13.00 to $10.00 in a report on Monday, February 24th. Needham & Company LLC raised their target price on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Truist Financial boosted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, January 16th. Finally, Sanford C. Bernstein initiated coverage on Rivian Automotive in a research note on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target on the stock. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $14.38.

Rivian Automotive Trading Down 2.8 %

Rivian Automotive stock opened at $11.21 on Monday. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The firm’s 50 day moving average price is $12.17 and its 200-day moving average price is $12.08. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $18.86. The stock has a market cap of $12.68 billion, a P/E ratio of -2.37 and a beta of 1.89.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.43 billion. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. On average, equities analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current fiscal 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.