Toronto Dominion Bank Boosts Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Toronto Dominion Bank raised its position in Rivian Automotive, Inc. (NASDAQ:RIVN) by 46.2% during the third quarter, HoldingsChannel.com reports. The firm owned 100,700 shares of the electric vehicle automaker’s stock after buying an additional 31,815 shares during the quarter. Toronto Dominion Bank’s holdings in Rivian Automotive were worth $1,130,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of RIVN. Assenagon Asset Management S.A. lifted its holdings in shares of Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after acquiring an additional 604 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Rivian Automotive by 39.0% during the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock worth $43,000 after purchasing an additional 907 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Rivian Automotive by 2.1% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,585,592 shares of the electric vehicle automaker’s stock worth $21,279,000 after buying an additional 33,276 shares during the period. Raymond James & Associates grew its stake in shares of Rivian Automotive by 11.1% in the second quarter. Raymond James & Associates now owns 152,748 shares of the electric vehicle automaker’s stock valued at $2,050,000 after buying an additional 15,252 shares in the last quarter. Finally, Western Wealth Management LLC raised its holdings in shares of Rivian Automotive by 52.1% during the 2nd quarter. Western Wealth Management LLC now owns 16,348 shares of the electric vehicle automaker’s stock valued at $219,000 after buying an additional 5,603 shares during the period. 66.25% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $13.65, for a total transaction of $975,005.85. Following the completion of the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,784,877.65. This trade represents a 7.64 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the sale, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This trade represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 249,403 shares of company stock valued at $3,013,489. 2.51% of the stock is currently owned by corporate insiders.

Rivian Automotive Stock Performance

RIVN stock opened at $15.34 on Tuesday. The stock has a market capitalization of $15.66 billion, a price-to-earnings ratio of -2.74 and a beta of 2.12. The stock’s fifty day moving average is $11.18 and its two-hundred day moving average is $12.71. Rivian Automotive, Inc. has a 1 year low of $8.26 and a 1 year high of $24.61. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Benchmark initiated coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They issued a “buy” rating and a $18.00 price objective for the company. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. JPMorgan Chase & Co. cut their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. Needham & Company LLC lowered their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, November 8th. Finally, Robert W. Baird cut their price target on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.83.

About Rivian Automotive

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.