SteelPeak Wealth LLC Sells 11,651 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

SteelPeak Wealth LLC reduced its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 48.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,574 shares of the electric vehicle automaker’s stock after selling 11,651 shares during the quarter. SteelPeak Wealth LLC’s holdings in Rivian Automotive were worth $169,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. International Assets Investment Management LLC increased its stake in shares of Rivian Automotive by 1,944.2% during the fourth quarter. International Assets Investment Management LLC now owns 140,291 shares of the electric vehicle automaker’s stock valued at $3,291,000 after buying an additional 133,428 shares during the period. Sequoia Financial Advisors LLC raised its holdings in shares of Rivian Automotive by 11.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 9,640 shares of the electric vehicle automaker’s stock valued at $226,000 after purchasing an additional 961 shares in the last quarter. Cerity Partners LLC purchased a new stake in shares of Rivian Automotive in the 4th quarter worth approximately $333,000. Mackenzie Financial Corp bought a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $790,000. Finally, Sloy Dahl & Holst LLC bought a new position in shares of Rivian Automotive during the fourth quarter valued at approximately $10,374,000. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Performance

RIVN traded up $0.51 during midday trading on Thursday, hitting $13.76. 38,451,702 shares of the company were exchanged, compared to its average volume of 42,506,820. The company’s 50 day simple moving average is $14.32 and its 200 day simple moving average is $12.48. The firm has a market capitalization of $13.70 billion, a price-to-earnings ratio of -2.38 and a beta of 2.09. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.87. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81.

Insider Transactions at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $11.49, for a total transaction of $820,719.21. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,452,349.59. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $11.49, for a total transaction of $820,719.21. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,452,349.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 200,000 shares of Rivian Automotive stock in a transaction on Friday, July 12th. The shares were sold at an average price of $18.00, for a total transaction of $3,600,000.00. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares of the company’s stock, valued at approximately $16,374,438. The disclosure for this sale can be found here. Insiders have sold 485,716 shares of company stock worth $7,509,309 over the last quarter. 2.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have weighed in on RIVN. Wells Fargo & Company dropped their target price on Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. DA Davidson raised their price objective on Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, June 28th. JPMorgan Chase & Co. boosted their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. UBS Group lowered their price target on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $18.09.

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.