Udine Wealth Management Inc. Buys Shares of 68,174 Rivian Automotive, Inc. $RIVN

Udine Wealth Management Inc. bought a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 68,174 shares of the electric vehicle automaker’s stock, valued at approximately $937,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock valued at $959,804,000 after purchasing an additional 5,610,688 shares in the last quarter. Northern Trust Corp raised its position in Rivian Automotive by 11.2% in the first quarter. Northern Trust Corp now owns 8,047,760 shares of the electric vehicle automaker’s stock worth $100,195,000 after acquiring an additional 809,064 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Rivian Automotive by 6.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 5,050,788 shares of the electric vehicle automaker’s stock valued at $62,882,000 after purchasing an additional 309,787 shares during the period. Bank of New York Mellon Corp raised its position in shares of Rivian Automotive by 2.9% during the 1st quarter. Bank of New York Mellon Corp now owns 3,199,174 shares of the electric vehicle automaker’s stock valued at $39,830,000 after purchasing an additional 89,136 shares during the period. Finally, Nuveen LLC bought a new stake in shares of Rivian Automotive during the 1st quarter valued at $33,582,000. Institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RIVN has been the subject of a number of recent research reports. Stifel Nicolaus dropped their price objective on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Mizuho lifted their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 23rd. The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $12.00 to $15.00 and gave the stock a “neutral” rating in a research note on Monday, September 29th. Morgan Stanley dropped their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 13th. Finally, Cfra Research raised shares of Rivian Automotive to a “moderate sell” rating in a research note on Thursday, October 2nd. Five research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and four have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.90.

Rivian Automotive Trading Down 2.2%

Shares of Rivian Automotive stock opened at $12.80 on Friday. The company has a current ratio of 3.44, a quick ratio of 2.72 and a debt-to-equity ratio of 0.73. Rivian Automotive, Inc. has a 12-month low of $9.50 and a 12-month high of $17.15. The firm has a market capitalization of $15.53 billion, a price-to-earnings ratio of -3.96 and a beta of 1.82. The firm’s 50 day simple moving average is $13.50 and its two-hundred day simple moving average is $13.43.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.32). Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. The company had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.27 billion. During the same quarter in the previous year, the company posted ($1.46) EPS. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. Analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Insider Buying and Selling

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total value of $244,300.00. Following the sale, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at $18,426,870. This represents a 1.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 7,247 shares of the company’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares in the company, valued at $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 42,147 shares of company stock worth $577,593 in the last 90 days. 2.16% of the stock is currently owned by company insiders.

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.