Forum Financial Management LP Sells 970 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Forum Financial Management LP lessened its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 4.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,281 shares of the electric vehicle automaker’s stock after selling 970 shares during the period. Forum Financial Management LP’s holdings in Rivian Automotive were worth $270,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of RIVN. Tandem Financial LLC acquired a new stake in shares of Rivian Automotive in the fourth quarter worth about $25,000. Bank of Jackson Hole Trust bought a new position in shares of Rivian Automotive in the 4th quarter valued at approximately $27,000. Wilmington Savings Fund Society FSB acquired a new stake in Rivian Automotive in the 3rd quarter worth approximately $28,000. Bear Mountain Capital Inc. boosted its position in Rivian Automotive by 208.0% during the fourth quarter. Bear Mountain Capital Inc. now owns 2,861 shares of the electric vehicle automaker’s stock worth $36,000 after purchasing an additional 1,932 shares during the period. Finally, AllSquare Wealth Management LLC grew its holdings in Rivian Automotive by 8,794.1% during the fourth quarter. AllSquare Wealth Management LLC now owns 3,024 shares of the electric vehicle automaker’s stock valued at $40,000 after purchasing an additional 2,990 shares during the last quarter. 66.25% of the stock is currently owned by institutional investors.

Insider Activity at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the completion of the sale, the chief financial officer now owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $11.82, for a total transaction of $844,290.78. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at $10,082,590.02. This trade represents a 7.73 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 149,714 shares of company stock valued at $1,745,634 in the last ninety days. Insiders own 2.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RIVN. Truist Financial boosted their price objective on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a “hold” rating in a research note on Thursday, January 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. Wells Fargo & Company raised their price target on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research report on Friday, February 21st. TD Cowen initiated coverage on Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price objective for the company. Finally, Bank of America lowered Rivian Automotive from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $13.00 to $10.00 in a report on Monday, February 24th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Rivian Automotive has a consensus rating of “Hold” and a consensus target price of $14.17.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $11.36 on Wednesday. The business has a 50 day simple moving average of $11.83 and a 200 day simple moving average of $12.09. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The company has a market capitalization of $12.84 billion, a PE ratio of -2.41 and a beta of 1.89. Rivian Automotive, Inc. has a one year low of $8.46 and a one year high of $18.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.43 billion. On average, sell-side analysts forecast that Rivian Automotive, Inc. will post -3.2 EPS for the current fiscal year.

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.