Bayforest Capital Ltd Cuts Position in Rivian Automotive, Inc. $RIVN

Key Points

• Bayforest Capital Ltd has significantly reduced its stake in Rivian Automotive by 57.3% during the second quarter, holding 42,157 shares worth approximately $579,000 after selling 56,592 shares.
• Institutional investors now own 66.25% of Rivian's stock, with various firms, including Teacher Retirement System of Texas and Caisse Des Depots ET Consignations, adding new stakes recently.
• Rivian's latest earnings report showed a loss of ($0.97) EPS, missing estimates, while revenue was $1.30 billion, slightly exceeding expectations; the stock currently has an average rating of "Hold."

Bayforest Capital Ltd reduced its stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 57.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas purchased a new stake in shares of Rivian Automotive during the first quarter valued at about $1,382,000. Caisse Des Depots ET Consignations bought a new position in shares of Rivian Automotive during the 1st quarter worth approximately $2,807,000. Ethos Financial Group LLC purchased a new stake in Rivian Automotive during the first quarter valued at approximately $311,000. Intech Investment Management LLC lifted its position in Rivian Automotive by 522.0% during the first quarter. Intech Investment Management LLC now owns 350,965 shares of the electric vehicle automaker's stock valued at $4,370,000 after acquiring an additional 294,539 shares during the last quarter. Finally, Udine Wealth Management Inc. acquired a new stake in Rivian Automotive in the second quarter valued at approximately $937,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Insiders Place Their Bets

In other Rivian Automotive news, 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 value of $88,993.16. Following the sale, the chief financial officer directly owned 789,445 shares of the company's stock, valued at approximately $9,694,384.60. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $244,300.00. Following the completion of the sale, the chief executive officer directly owned 1,316,205 shares in the company, valued at approximately $18,426,870. The trade was a 1.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,147 shares of company stock worth $577,593 over the last three months. Corporate insiders own 2.16% of the company's stock.

Rivian Automotive Price Performance

Shares of RIVN opened at $13.12 on Wednesday. The firm has a market capitalization of $15.92 billion, a PE ratio of -4.06 and a beta of 1.82. The company has a debt-to-equity ratio of 0.73, a current ratio of 3.44 and a quick ratio of 2.72. Rivian Automotive, Inc. has a 1-year low of $9.50 and a 1-year high of $17.15. The company's fifty day moving average price is $13.53 and its 200-day moving average price is $13.44.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The electric vehicle automaker reported ($0.97) earnings per share for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.32). The company had revenue of $1.30 billion for the quarter, compared to analysts' expectations of $1.27 billion. Rivian Automotive had a negative net margin of 68.06% and a negative return on equity of 58.07%. Rivian Automotive's quarterly revenue was up 12.5% compared to the same quarter last year. During the same period last year, the firm earned ($1.46) earnings per share. On average, equities research analysts predict that Rivian Automotive, Inc. will post -3.2 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on RIVN shares. Wall Street Zen downgraded Rivian Automotive from a "hold" rating to a "sell" rating in a research report on Saturday, July 26th. Morgan Stanley reduced their price target on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. The Goldman Sachs Group upped their price target on Rivian Automotive from $12.00 to $15.00 and gave the stock a "neutral" rating in a research report on Monday, September 29th. Guggenheim downgraded Rivian Automotive from a "buy" rating to a "neutral" rating in a research report on Monday, July 14th. Finally, JPMorgan Chase & Co. reduced their price target on Rivian Automotive from $10.00 to $9.00 and set an "underweight" rating on the stock in a research report on Wednesday, August 6th. Five analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $13.90.

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.

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