Forum Financial Management LP Grows Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Forum Financial Management LP increased its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 18.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 21,251 shares of the electric vehicle automaker’s stock after acquiring an additional 3,366 shares during the quarter. Forum Financial Management LP’s holdings in Rivian Automotive were worth $238,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RIVN. Quent Capital LLC grew its holdings in shares of Rivian Automotive by 74.3% during the second quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after purchasing an additional 831 shares during the last quarter. GHP Investment Advisors Inc. lifted its holdings in shares of Rivian Automotive by 63.2% in the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 1,002 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Rivian Automotive by 975.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after purchasing an additional 2,380 shares during the period. International Assets Investment Management LLC purchased a new position in Rivian Automotive during the 2nd quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. increased its position in Rivian Automotive by 30.7% during the second quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $10.59 on Wednesday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 4.01 and a current ratio of 5.25. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $24.61. The firm has a market capitalization of $10.68 billion, a P/E ratio of -1.78 and a beta of 2.04. The company’s fifty day moving average is $11.59 and its two-hundred day moving average is $12.34.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) EPS for the quarter, missing analysts’ consensus estimates of ($1.25) by ($0.14). Rivian Automotive had a negative return on equity of 65.40% and a negative net margin of 115.50%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Analysts forecast that Rivian Automotive, Inc. will post -4.84 EPS for the current fiscal year.

Insider Buying and Selling at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the sale, the chief executive officer now owns 886,526 shares of the company’s stock, valued at $10,319,162.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the transaction, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $11.64, for a total value of $969,996.12. Following the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at $10,319,162.64. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 169,876 shares of company stock valued at $2,153,551. Corporate insiders own 2.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RIVN. Royal Bank of Canada reissued a “sector perform” rating and issued a $15.00 price objective on shares of Rivian Automotive in a report on Friday, August 16th. Mizuho decreased their price target on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday. Wedbush restated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a research note on Wednesday, August 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $19.00 target price on shares of Rivian Automotive in a report on Monday, September 30th. Finally, Canaccord Genuity Group lowered their price target on Rivian Automotive from $30.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, October 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $16.95.

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.