MinichMacGregor Wealth Management LLC Invests $133,000 in Rivian Automotive, Inc. (NASDAQ:RIVN)

MinichMacGregor Wealth Management LLC acquired a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 10,000 shares of the electric vehicle automaker’s stock, valued at approximately $133,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its stake in 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 worth $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC grew its position in shares of Rivian Automotive by 1,870.7% during the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after buying an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC increased its stake in shares of Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock valued at $5,964,000 after buying an additional 124,950 shares during the period. Vontobel Holding Ltd. raised its holdings in shares of Rivian Automotive by 543.8% in the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after acquiring an additional 120,544 shares in the last quarter. Finally, Renaissance Capital LLC lifted its stake in Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after acquiring an additional 148,197 shares during the period. 66.25% of the stock is currently owned by institutional investors.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $12.69 on Thursday. 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’s fifty day moving average price is $13.09 and its 200-day moving average price is $13.03. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $18.85.

Insider Buying and Selling at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the business’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 transaction, the chief financial officer now directly owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 327,429 shares of company stock valued at $4,467,450. 2.51% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on RIVN. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. Barclays boosted their price objective on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Royal Bank of Canada cut their price target on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating on the stock in a report on Friday, November 8th. Mizuho decreased their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, Canaccord Genuity Group cut their target price on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $15.52.

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.