Udine Wealth Management Inc. Invests $1.03 Million in Rivian Automotive, Inc. (NASDAQ:RIVN)

Udine Wealth Management Inc. bought a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 77,499 shares of the electric vehicle automaker's stock, valued at approximately $1,031,000.

Several other large investors have also added to or reduced their stakes in RIVN. Wilmington Savings Fund Society FSB purchased a new stake in shares of Rivian Automotive in the third quarter worth approximately $28,000. GHP Investment Advisors Inc. raised its position in Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker's stock valued at $29,000 after buying an additional 1,002 shares during the last quarter. American Capital Advisory LLC lifted its stake in Rivian Automotive by 267.6% during the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker's stock valued at $33,000 after acquiring an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. boosted its holdings in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker's stock worth $34,000 after acquiring an additional 2,900 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new stake in shares of Rivian Automotive in the 3rd quarter worth $44,000. Institutional investors own 66.25% of the company's stock.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company's stock, valued at $11,784,877.65. The trade was a 7.64 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 transaction, the chief financial officer now owns 378,498 shares in the company, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 327,429 shares of company stock worth $4,467,450. 2.51% of the stock is currently owned by insiders.

Rivian Automotive Price Performance

Shares of RIVN stock traded down $0.23 on Friday, reaching $14.21. The company's stock had a trading volume of 64,966,337 shares, compared to its average volume of 33,747,016. The company has a market capitalization of $14.50 billion, a P/E ratio of -2.54 and a beta of 2.05. Rivian Automotive, Inc. has a 12-month low of $8.26 and a 12-month high of $18.85. The stock's 50 day simple moving average is $12.96 and its 200-day simple moving average is $13.05. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on RIVN shares. Baird R W cut shares of Rivian Automotive from a "strong-buy" rating to a "hold" rating in a report on Wednesday, December 18th. Wedbush reaffirmed an "outperform" rating and issued a $20.00 target price on shares of Rivian Automotive in a report on Friday, November 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $13.00 price target on shares of Rivian Automotive in a research report on Monday, January 6th. Truist Financial upped their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a "hold" rating in a research note on Thursday. Finally, Canaccord Genuity Group lowered 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 given a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, Rivian Automotive currently has a consensus rating of "Hold" and a consensus price target of $15.48.

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.