Bayforest Capital Ltd Lowers Holdings in Rivian Automotive, Inc. $RIVN

Bayforest Capital Ltd lessened its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 57.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 42,157 shares of the electric vehicle automaker’s stock after selling 56,592 shares during the quarter. Bayforest Capital Ltd’s holdings in Rivian Automotive were worth $579,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Rivian Automotive by 7.8% during the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after acquiring an additional 5,610,688 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Rivian Automotive by 11.2% during the 1st 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its stake 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 worth $62,882,000 after acquiring an additional 309,787 shares in the last quarter. Bank of New York Mellon Corp boosted its stake 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 worth $39,830,000 after acquiring an additional 89,136 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Rivian Automotive during the 1st quarter worth about $33,582,000. 66.25% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several recent analyst reports. UBS Group increased their target price on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. Wedbush decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 6th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $21.00 price target on shares of Rivian Automotive in a research note on Friday, October 3rd. Mizuho raised their price target on shares of Rivian Automotive from $12.00 to $14.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Finally, Stifel Nicolaus decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Five investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and four have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $13.90.

Rivian Automotive Stock Up 0.5%

RIVN stock opened at $13.12 on Wednesday. The company has a market cap of $15.92 billion, a price-to-earnings ratio of -4.06 and a beta of 1.82. 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 50-day moving average of $13.53 and a two-hundred day moving average of $13.44.

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

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $12.28, for a total value of $88,993.16. Following the completion of the sale, the chief financial officer owned 789,445 shares in the company, valued at approximately $9,694,384.60. This represents a 0.91% 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, CEO Robert J. Scaringe sold 17,450 shares of the stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the completion of the sale, the chief executive officer owned 1,316,205 shares of the company’s stock, valued at approximately $18,426,870. The trade was a 1.31% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 42,147 shares of company stock valued at $577,593. 2.16% of the stock is owned by insiders.

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.