Udine Wealth Management Inc. Makes New $1.03 Million Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Udine Wealth Management Inc. purchased a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 77,499 shares of the electric vehicle automaker’s stock, valued at approximately $1,031,000.

Several other large investors have also recently made changes to their positions in the stock. Baillie Gifford & Co. increased its stake in Rivian Automotive by 52.5% during the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock worth $565,012,000 after buying an additional 17,341,786 shares during the period. Geode Capital Management LLC increased its position in shares of Rivian Automotive by 1.8% during the third quarter. Geode Capital Management LLC now owns 13,000,392 shares of the electric vehicle automaker’s stock worth $145,550,000 after acquiring an additional 223,860 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Rivian Automotive by 79.2% in the third 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 acquiring an additional 2,035,831 shares in the last quarter. abrdn plc boosted its holdings in Rivian Automotive by 17.8% in the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock valued at $38,587,000 after purchasing an additional 518,561 shares during the period. Finally, AQR Capital Management LLC grew its stake in Rivian Automotive by 102.8% during the 2nd quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after purchasing an additional 1,257,106 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Down 1.6 %

Shares of RIVN opened at $14.21 on Friday. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.85. The stock’s fifty day moving average is $12.96 and its 200-day moving average is $13.06. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $16.17, for a total value of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $13,960,547.37. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the chief financial officer now 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 327,429 shares of company stock valued at $4,467,450. Company insiders own 2.51% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on RIVN. JPMorgan Chase & Co. reduced their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Bank of America downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Canaccord Genuity Group dropped their price objective on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Baird R W cut shares of Rivian Automotive from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 18th. Finally, Benchmark initiated coverage on Rivian Automotive in a report on Monday, December 9th. They issued a “buy” rating and a $18.00 target price on the stock. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $15.48.

About Rivian Automotive

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.