SteelPeak Wealth LLC Takes Position in Rivian Automotive, Inc. (NASDAQ:RIVN)

SteelPeak Wealth LLC bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 24,225 shares of the electric vehicle automaker’s stock, valued at approximately $265,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Morgan Stanley grew its stake in Rivian Automotive by 14.0% in the third quarter. Morgan Stanley now owns 9,695,576 shares of the electric vehicle automaker’s stock valued at $235,409,000 after acquiring an additional 1,193,650 shares during the period. Trust Point Inc. acquired a new stake in Rivian Automotive in the 4th quarter valued at $246,000. Sapient Capital LLC bought a new stake in Rivian Automotive during the 4th quarter valued at $330,000. Gradient Investments LLC raised its holdings in Rivian Automotive by 72.4% during the fourth quarter. Gradient Investments LLC now owns 2,463 shares of the electric vehicle automaker’s stock worth $58,000 after buying an additional 1,034 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its stake in shares of Rivian Automotive by 36.9% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 374,593 shares of the electric vehicle automaker’s stock valued at $8,752,000 after buying an additional 101,039 shares in the last quarter. 66.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on RIVN shares. Needham & Company LLC boosted their target price on shares of Rivian Automotive from $13.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday. Morgan Stanley reissued an “overweight” rating and issued a $13.00 price objective on shares of Rivian Automotive in a research note on Wednesday, June 26th. Truist Financial lifted their target price on Rivian Automotive from $10.00 to $13.00 and gave the company a “hold” rating in a research report on Wednesday, June 26th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Tuesday, April 2nd. Finally, Barclays cut their price objective on shares of Rivian Automotive from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Rivian Automotive presently has an average rating of “Moderate Buy” and an average target price of $19.63.

Rivian Automotive Stock Down 7.3 %

RIVN opened at $13.42 on Monday. Rivian Automotive, Inc. has a 12 month low of $8.26 and a 12 month high of $28.06. The company has a quick ratio of 3.55, a current ratio of 4.71 and a debt-to-equity ratio of 0.55. The company has a 50 day moving average of $10.68 and a 200 day moving average of $13.44.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings results on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). Rivian Automotive had a negative return on equity of 53.55% and a negative net margin of 111.09%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.15 billion. Equities analysts expect that Rivian Automotive, Inc. will post -4.93 EPS for the current fiscal year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $11.25, for a total value of $803,576.25. Following the completion of the transaction, the chief executive officer now directly owns 909,691 shares in the company, valued at $10,234,023.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.

Rivian Automotive 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.