Bayforest Capital Ltd Makes New Investment in Rivian Automotive, Inc. $RIVN

Key Points

• Bayforest Capital Ltd invested approximately $1.23 million in Rivian Automotive, acquiring 98,749 shares, making it the 17th largest holding in their portfolio.
• Several other hedge funds have increased their positions in Rivian, with institutional investors collectively owning 66.25% of the stock.
• Rivian Automotive's stock received a consensus "Hold" rating from analysts, with a target price of $13.69, despite a recent earnings miss and a significant drop in share price.

Bayforest Capital Ltd acquired a new position in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 98,749 shares of the electric vehicle automaker's stock, valued at approximately $1,229,000. Rivian Automotive comprises about 0.5% of Bayforest Capital Ltd's portfolio, making the stock its 17th biggest position.

Several other large investors also recently added to or reduced their stakes in RIVN. Vanguard Group Inc. increased its holdings in Rivian Automotive by 7.8% in 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 during the last quarter. Nuveen LLC purchased a new position in Rivian Automotive during the 1st quarter valued at about $33,582,000. Twinbeech Capital LP purchased a new position in Rivian Automotive during the 4th quarter valued at about $29,944,000. Soma Equity Partners LP boosted its position in shares of Rivian Automotive by 19.9% during the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after acquiring an additional 1,407,772 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC bought a new stake in shares of Rivian Automotive during the 4th quarter valued at about $17,087,000. Hedge funds and other institutional investors own 66.25% of the company's stock.

Rivian Automotive Price Performance

NASDAQ:RIVN traded down $0.03 during mid-day trading on Wednesday, reaching $13.91. The stock had a trading volume of 32,373,196 shares, compared to its average volume of 47,436,804. The firm has a 50 day moving average price of $13.03 and a two-hundred day moving average price of $12.98. The stock has a market capitalization of $16.88 billion, a P/E ratio of -4.31 and a beta of 1.81. Rivian Automotive, Inc. has a one year low of $9.50 and a one year high of $17.15. The company has a debt-to-equity ratio of 0.73, a quick ratio of 2.72 and a current ratio of 3.44.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results 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 firm had revenue of $1.30 billion during the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business's quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.46) EPS. As a group, analysts expect that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RIVN. Canaccord Genuity Group dropped their price target on Rivian Automotive from $23.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Piper Sandler lifted their price target on Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a research report on Thursday, May 22nd. Morgan Stanley dropped their price target on Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Needham & Company LLC reiterated a "buy" rating and set a $14.00 price target on shares of Rivian Automotive in a research report on Monday, August 25th. Finally, Mizuho lifted their price target on Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a research report on Friday, May 16th. Five equities research analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $13.67.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $12.28, for a total value of $88,993.16. Following the transaction, the chief financial officer directly owned 789,445 shares of the company's stock, valued at $9,694,384.60. The trade was a 0.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.16% of the stock is owned by company insiders.

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.