Bayforest Capital Ltd Makes New $1.23 Million Investment in Rivian Automotive, Inc. $RIVN
Bayforest Capital Ltd has invested approximately $1.23 million in Rivian Automotive, acquiring 98,749 shares during the first quarter. This investment represents about 0.5% of Bayforest's total holdings, making Rivian its 17th largest investment. Other hedge funds have also increased their stakes in Rivian, with significant percentage increases noted. Rivian's stock has a consensus rating of 'Hold' among analysts, with a target price of $13.69. The stock opened at $13.99, with a 52-week range of $9.50 to $17.15.
Bayforest Capital Ltd bought a new stake in Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 98,749 shares of the electric vehicle automaker's stock, valued at approximately $1,229,000. Rivian Automotive accounts for about 0.5% of Bayforest Capital Ltd's holdings, making the stock its 17th biggest holding.
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Several other hedge funds have also recently bought and sold shares of RIVN. Brighton Jones LLC increased its holdings in Rivian Automotive by 28.0% in the 4th quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock valued at $235,000 after buying an additional 3,864 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Rivian Automotive by 4.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 80,207 shares of the electric vehicle automaker's stock valued at $1,067,000 after buying an additional 3,556 shares during the period. Triumph Capital Management increased its holdings in Rivian Automotive by 55.8% in the 4th quarter. Triumph Capital Management now owns 57,684 shares of the electric vehicle automaker's stock valued at $767,000 after buying an additional 20,651 shares during the period. Ethic Inc. increased its holdings in Rivian Automotive by 122.3% in the 4th quarter. Ethic Inc. now owns 39,222 shares of the electric vehicle automaker's stock valued at $522,000 after buying an additional 21,580 shares during the period. Finally, Ensign Peak Advisors Inc increased its holdings in Rivian Automotive by 6.0% in the 4th quarter. Ensign Peak Advisors Inc now owns 340,039 shares of the electric vehicle automaker's stock valued at $4,523,000 after buying an additional 19,190 shares during the period. 66.25% of the stock is owned by institutional investors.
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Wall Street Analysts Forecast Growth
Several equities analysts have commented on RIVN shares. Guggenheim lowered shares of Rivian Automotive from a "buy" rating to a "neutral" rating in a report on Monday, July 14th. Piper Sandler lifted their price target on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a "neutral" rating in a report on Thursday, May 22nd. Morgan Stanley decreased their price target on shares of Rivian Automotive from $13.00 to $12.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. UBS Group decreased their price target on shares of Rivian Automotive from $13.00 to $12.00 and set a "neutral" rating on the stock in a report on Wednesday, August 6th. Finally, Mizuho lifted their price target on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a "neutral" rating in a report on Friday, May 16th. Five equities research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $13.69.
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View Our Latest Stock Report on Rivian Automotive
Insiders Place Their Bets
In other Rivian Automotive news, CFO Claire Mcdonough sold 7,247 shares of the business's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $12.28, for a total transaction of $88,993.16. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.16% of the stock is owned by insiders.
Rivian Automotive Trading Down 1.5%
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RIVN opened at $13.99 on Tuesday. 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 0.73, a current ratio of 3.44 and a quick ratio of 2.72. The firm has a market capitalization of $16.98 billion, a price-to-earnings ratio of -4.33 and a beta of 1.81. The company's 50 day moving average price is $13.00 and its two-hundred day moving average price is $12.97.
Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted 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). Rivian Automotive had a negative return on equity of 58.07% and a negative net margin of 68.06%.The business had revenue of $1.30 billion for the quarter, compared to the consensus estimate of $1.27 billion. During the same period in the previous year, the firm earned ($1.46) earnings per share. The company's revenue was up 12.5% compared to the same quarter last year. As a group, research analysts predict that Rivian Automotive, Inc. will post -3.2 earnings per share for the current year.
About Rivian Automotive
(Free Report)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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Want to see what other hedge funds are holding RIVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report).
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