Bayforest Capital Ltd Makes New $1.23 Million Investment in Rivian Automotive, Inc. (NASDAQ:RIVN)

Key Points

• Bayforest Capital Ltd acquired approximately 98,749 shares of Rivian Automotive, valued at around $1,229,000, marking it as the company's 13th largest holding.
• Various institutional investors have recently increased their stakes in Rivian, with one firm, PFS Partners LLC, raising its holdings by 1,882% in the first quarter.
• Rivian Automotive's stock is currently experiencing significant fluctuations with a 5.2% decline, and analysts have varied ratings, including some downgrades, suggesting mixed sentiments about its performance.

Bayforest Capital Ltd acquired a new stake in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) in the 1st quarter, according to the company in its most recent 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 makes up about 0.6% of Bayforest Capital Ltd's investment portfolio, making the stock its 13th largest position.

Several other large investors also recently made changes to their positions in the business. Larson Financial Group LLC boosted its position in shares of Rivian Automotive by 7.4% during the 1st quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker's stock valued at $131,000 after purchasing an additional 722 shares in the last quarter. Brown Advisory Inc. boosted its position in shares of Rivian Automotive by 2.4% during the 1st quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker's stock valued at $405,000 after purchasing an additional 772 shares in the last quarter. Dimension Capital Management LLC boosted its holdings in shares of Rivian Automotive by 5.5% in the fourth quarter. Dimension Capital Management LLC now owns 15,616 shares of the electric vehicle automaker's stock worth $208,000 after buying an additional 819 shares during the period. Tradition Wealth Management LLC increased its position in shares of Rivian Automotive by 7.2% in the fourth quarter. Tradition Wealth Management LLC now owns 12,604 shares of the electric vehicle automaker's stock worth $168,000 after acquiring an additional 849 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of Rivian Automotive by 1.5% in the first quarter. Assenagon Asset Management S.A. now owns 60,252 shares of the electric vehicle automaker's stock worth $750,000 after acquiring an additional 867 shares in the last quarter. Institutional investors own 66.25% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RIVN. Wedbush dropped their target price on shares of Rivian Automotive from $20.00 to $18.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 7th. Jefferies Financial Group restated a "hold" rating and set a $16.00 price target on shares of Rivian Automotive in a report on Wednesday, May 14th. Mizuho raised their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. The Goldman Sachs Group decreased their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Finally, Stifel Nicolaus raised their price target on shares of Rivian Automotive from $16.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Four equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $14.38.

Rivian Automotive Price Performance

NASDAQ:RIVN traded down $0.49 during trading hours on Friday, hitting $12.38. The company's stock had a trading volume of 42,490,771 shares, compared to its average volume of 33,298,028. The stock has a fifty day simple moving average of $13.69 and a 200-day simple moving average of $13.03. The company has a market capitalization of $14.00 billion, a P/E ratio of -3.33 and a beta of 1.81. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. Rivian Automotive, Inc. has a twelve month low of $9.50 and a twelve month high of $17.15.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.23. The firm had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The business's quarterly revenue was up 3.0% on a year-over-year basis. During the same period last year, the company earned ($1.48) earnings per share. On average, analysts anticipate that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,428 shares of the company's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $15.36, for a total value of $1,097,134.08. Following the sale, the chief executive officer directly owned 1,483,111 shares in the company, valued at $22,780,584.96. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer owned 824,875 shares in the company, valued at $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 205,694 shares of company stock worth $3,144,612 over the last quarter. 2.16% of the stock is currently owned by company 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.