MinichMacGregor Wealth Management LLC Acquires Shares of 10,000 Rivian Automotive, Inc. (NASDAQ:RIVN)

MinichMacGregor Wealth Management LLC bought a new position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 10,000 shares of the electric vehicle automaker’s stock, valued at approximately $133,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Baillie Gifford & Co. boosted its holdings in Rivian Automotive by 52.5% in 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 last quarter. Charles Schwab Investment Management Inc. lifted its position 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. AQR Capital Management LLC boosted its stake in shares of Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock worth $33,276,000 after acquiring an additional 1,257,106 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Rivian Automotive during the second quarter worth approximately $9,388,000. Finally, abrdn plc raised 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 purchasing an additional 518,561 shares during the last quarter. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Rivian Automotive Stock Performance

RIVN stock opened at $12.69 on Thursday. The business’s fifty day moving average price is $13.09 and its 200 day moving average price is $13.03. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.85. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Insiders Place Their Bets

In related 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 transaction of $1,155,006.93. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $13,960,547.37. The trade was a 7.64 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated 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 directly owns 378,498 shares in the company, valued at $3,796,334.94. This represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,429 shares of company stock worth $4,467,450 over the last three months. Company insiders own 2.51% of the company’s stock.

Analyst Ratings Changes

RIVN has been the topic of several recent research reports. Canaccord Genuity Group lowered their target price on shares of Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Morgan Stanley cut shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Guggenheim decreased their target price on shares of 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 upped their price target on Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Finally, Wells Fargo & Company cut 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. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, Rivian Automotive presently has an average rating of “Hold” and an average price target of $15.52.

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.