Toronto Dominion Bank Acquires 5,550 Shares of Rivian Automotive, Inc. (NASDAQ:RIVN)

Toronto Dominion Bank grew its holdings in Rivian Automotive, Inc. (NASDAQ:RIVN) by 8.8% in the 2nd quarter, Holdings Channel reports. The fund owned 68,885 shares of the electric vehicle automaker’s stock after purchasing an additional 5,550 shares during the quarter. Toronto Dominion Bank’s holdings in Rivian Automotive were worth $924,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of RIVN. Quent Capital LLC boosted its holdings in Rivian Automotive by 74.3% in the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock valued at $26,000 after purchasing an additional 831 shares during the period. EverSource Wealth Advisors LLC raised its position in shares of Rivian Automotive by 975.4% during the first quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock valued at $29,000 after buying an additional 2,380 shares during the last quarter. Benjamin Edwards Inc. bought a new stake in shares of Rivian Automotive in the first quarter valued at about $33,000. Fairman Group LLC acquired a new stake in Rivian Automotive during the fourth quarter worth about $36,000. Finally, International Assets Investment Management LLC bought a new position in Rivian Automotive during the second quarter valued at about $37,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RIVN shares. JPMorgan Chase & Co. lifted their price objective on Rivian Automotive from $10.00 to $14.00 and gave the stock an “underweight” rating in a report on Wednesday, June 26th. The Goldman Sachs Group upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research note on Monday, July 1st. Mizuho increased their price objective on Rivian Automotive from $11.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, July 12th. UBS Group cut their target price on shares of Rivian Automotive from $17.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company reduced their target price on shares of Rivian Automotive from $18.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $17.91.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $11.64, for a total value of $969,996.12. Following the sale, the chief executive officer now directly owns 886,526 shares in the company, valued at $10,319,162.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares in the company, valued at approximately $10,319,162.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $13.57, for a total value of $43,559.70. Following the completion of the sale, the chief financial officer now directly owns 392,662 shares in the company, valued at approximately $5,328,423.34. The disclosure for this sale can be found here. Insiders sold a total of 512,734 shares of company stock valued at $8,038,565 in the last quarter. 2.30% of the stock is currently owned by insiders.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $11.22 on Tuesday. The company has a fifty day moving average price of $13.79 and a 200 day moving average price of $12.32. The firm has a market cap of $11.17 billion, a PE ratio of -1.94 and a beta of 2.06. The company has a current ratio of 5.25, a quick ratio of 4.01 and a debt-to-equity ratio of 0.81. Rivian Automotive, Inc. has a 1-year low of $8.26 and a 1-year high of $24.87.

Rivian Automotive (NASDAQ:RIVN) last posted its quarterly earnings data on Tuesday, August 6th. The electric vehicle automaker reported ($1.39) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.17 billion. Research analysts predict that Rivian Automotive, Inc. will post -4.8 earnings per share for the current fiscal year.

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.