SteelPeak Wealth LLC Boosts Stock Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

SteelPeak Wealth LLC grew its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 46.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund 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 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the third quarter valued at $28,000. GHP Investment Advisors Inc. raised 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 purchasing an additional 1,002 shares in the last quarter. American Capital Advisory LLC raised its stake in shares of Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock valued at $33,000 after purchasing an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. lifted its position in shares of Rivian Automotive by 2,636.4% during the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in Rivian Automotive in the third quarter worth about $44,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Activity

In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the transaction, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 363,142 shares of company stock worth $4,958,860 over the last three months. Corporate insiders own 2.51% of the company’s stock.

Rivian Automotive Stock Up 0.4 %

Rivian Automotive stock opened at $12.56 on Friday. Rivian Automotive, Inc. has a 52 week low of $8.26 and a 52 week 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’s 50-day moving average price is $13.44 and its two-hundred day moving average price is $12.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RIVN shares. Guggenheim cut their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. UBS Group raised their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Needham & Company LLC decreased their price objective on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. 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 report on Friday, November 8th. Finally, Piper Sandler decreased their price target on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $15.13.

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.