By otakuyassine3@gmail.com 
SteelPeak Wealth LLC grew its position in Rivian Automotive, Inc. (NASDAQ:RIVN – Free Report) by 46.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,560 shares of the electric vehicle automaker’s stock after buying an additional 5,886 shares during the quarter. SteelPeak Wealth LLC’s holdings in Rivian Automotive were worth $247,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Baillie Gifford & Co. raised its position in Rivian Automotive by 52.5% during the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after acquiring an additional 17,341,786 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Rivian Automotive by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after purchasing an additional 223,860 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after buying an additional 2,035,831 shares in the last quarter. abrdn plc lifted its stake in Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after buying an additional 518,561 shares in the last quarter. Finally, Swiss National Bank grew its holdings in Rivian Automotive by 2.1% during the 3rd quarter. Swiss National Bank now owns 2,198,300 shares of the electric vehicle automaker’s stock valued at $24,665,000 after buying an additional 45,200 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.
Rivian Automotive Stock Up 0.4 %
Shares of Rivian Automotive stock opened at $12.56 on Friday. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.85. The stock has a market cap of $12.82 billion, a price-to-earnings ratio of -2.24 and a beta of 2.05. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a fifty day moving average price of $13.44 and a 200 day moving average price of $12.86.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on RIVN shares. Sanford C. Bernstein assumed coverage on Rivian Automotive in a research report on Wednesday. They issued an “underperform” rating and a $6.10 price objective on the stock. Wells Fargo & Company decreased 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. Benchmark initiated coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective for the company. JPMorgan Chase & Co. reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 22nd. Finally, Canaccord Genuity Group lowered their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Two analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $15.13.
Read Our Latest Stock Report on Rivian Automotive
Insider Transactions at Rivian Automotive
In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This trade represents 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 available through the SEC website. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction that occurred 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 in the company, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 363,142 shares of company stock valued at $4,958,860 over the last quarter. Company insiders own 2.51% of the company’s stock.
Rivian Automotive 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.
Further Reading
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