Bayforest Capital Ltd Buys New Position 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 bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 98,749 shares of the electric vehicle automaker's stock, valued at approximately $1,229,000. Rivian Automotive comprises approximately 0.6% of Bayforest Capital Ltd's holdings, making the stock its 13th biggest holding.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Capital International Investors acquired a new position in Rivian Automotive during the fourth quarter worth approximately $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive in the 4th quarter valued at $123,308,000. Northern Trust Corp raised its position in Rivian Automotive by 68.5% in the 4th quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock valued at $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. Twinbeech Capital LP purchased a new position in Rivian Automotive during the 4th quarter worth $29,944,000. Finally, Groupama Asset Managment acquired a new position in Rivian Automotive in the fourth quarter valued at $26,600,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Rivian Automotive Stock Down 1.2%

RIVN traded down $0.16 during trading hours on Thursday, reaching $12.87. 37,842,294 shares of the stock traded hands, compared to its average volume of 32,478,118. Rivian Automotive, Inc. has a fifty-two week low of $9.50 and a fifty-two week high of $17.15. The company has a debt-to-equity ratio of 0.71, a current ratio of 3.73 and a quick ratio of 2.80. The company has a market cap of $14.55 billion, a price-to-earnings ratio of -3.46 and a beta of 1.81. The firm's fifty day simple moving average is $13.75 and its two-hundred day simple moving average is $13.04.

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

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 17,185 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was 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 directly owned 824,875 shares in the company, valued at approximately $12,694,826.25. The trade was a 2.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 107,144 shares of the firm's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total value of $1,633,946.00. Following the transaction, the chief executive officer owned 1,483,111 shares in the company, valued at $22,617,442.75. This trade represents a 6.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 205,694 shares of company stock worth $3,144,612. 2.16% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on RIVN. Cantor Fitzgerald restated a "neutral" rating and issued a $15.00 price target on shares of Rivian Automotive in a research report on Wednesday, May 7th. Wells Fargo & Company dropped their price objective on shares of Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a report on Wednesday, May 14th. UBS Group increased their target price on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Finally, Stifel Nicolaus raised their price target on Rivian Automotive from $16.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Four research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $14.38.

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.