Strategic Financial Concepts LLC Purchases Shares of 41,789 Rivian Automotive, Inc. (NASDAQ:RIVN)

Strategic Financial Concepts LLC purchased a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 41,789 shares of the electric vehicle automaker’s stock, valued at approximately $556,000.

Several other large investors also recently modified their holdings of the stock. Baillie Gifford & Co. grew its stake in Rivian Automotive by 52.5% in the third quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after acquiring an additional 17,341,786 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Rivian Automotive by 79.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after purchasing an additional 2,035,831 shares during the period. abrdn plc lifted its holdings in shares of Rivian Automotive by 17.8% in the 3rd quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after purchasing an additional 518,561 shares in the last quarter. Virtu Financial LLC acquired a new stake in Rivian Automotive in the 3rd quarter valued at $4,184,000. Finally, FORA Capital LLC bought a new stake in Rivian Automotive during the 3rd quarter valued at $3,218,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Insider Transactions at Rivian Automotive

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 sale, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total value of $491,410.88. Following the completion of the transaction, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. This trade represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 363,142 shares of company stock worth $4,958,860. 2.51% of the stock is owned by company insiders.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $12.44 on Wednesday. The firm has a market cap of $12.70 billion, a price-to-earnings ratio of -2.22 and a beta of 2.04. The stock has a fifty day simple moving average of $13.54 and a two-hundred day simple moving average of $12.60. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.85.

Analyst Upgrades and Downgrades

RIVN has been the topic of a number of recent research reports. Piper Sandler dropped their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Friday, November 8th. UBS Group raised their price target on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Needham & Company LLC decreased their price objective on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a report on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating and issued a $13.00 target price on shares of Rivian Automotive in a report on Monday, January 6th. Finally, Wells Fargo & Company decreased their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Rivian Automotive has a consensus rating of “Hold” and an average target price of $15.13.

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.