Canal Insurance CO Decreases Stake in Rivian Automotive, Inc. (NASDAQ:RIVN)

Canal Insurance CO reduced its holdings in shares of Rivian Automotive, Inc. (NASDAQ:RIVN - Free Report) by 49.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 100,000 shares of the electric vehicle automaker's stock after selling 96,000 shares during the period. Canal Insurance CO's holdings in Rivian Automotive were worth $1,330,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Blue Trust Inc. grew its position in Rivian Automotive by 68.6% in the 4th quarter. Blue Trust Inc. now owns 7,640 shares of the electric vehicle automaker's stock valued at $102,000 after buying an additional 3,109 shares during the last quarter. Alan B Lancz & Associates Inc. acquired a new position in shares of Rivian Automotive during the fourth quarter worth about $133,000. Brighton Jones LLC raised its holdings in Rivian Automotive by 28.0% during the fourth quarter. Brighton Jones LLC now owns 17,685 shares of the electric vehicle automaker's stock worth $235,000 after purchasing an additional 3,864 shares in the last quarter. MinichMacGregor Wealth Management LLC acquired a new position in Rivian Automotive during the 4th quarter worth approximately $133,000. Finally, SG Americas Securities LLC raised its stake in shares of Rivian Automotive by 42.7% during the 4th quarter. SG Americas Securities LLC now owns 180,775 shares of the electric vehicle automaker's stock worth $2,404,000 after buying an additional 54,053 shares in the last quarter. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Analysts Set New Price Targets

A number of research firms recently weighed in on RIVN. Baird R W downgraded Rivian Automotive from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, December 18th. JPMorgan Chase & Co. decreased their target price on shares of Rivian Automotive from $14.00 to $12.00 and set an "underweight" rating on the stock in a research report on Tuesday, October 22nd. Bank of America downgraded shares of Rivian Automotive from a "buy" rating to a "neutral" rating and cut their price target for the company from $20.00 to $13.00 in a report on Friday, November 8th. Cantor Fitzgerald reissued an "overweight" rating and set a $13.00 price objective on shares of Rivian Automotive in a report on Monday, January 6th. Finally, Sanford C. Bernstein began coverage on shares of Rivian Automotive in a report on Wednesday. They issued an "underperform" rating and a $6.10 target price for the company. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $15.13.

Rivian Automotive Trading Up 0.4 %

RIVN traded up $0.05 during trading on Friday, hitting $12.56. The company's stock had a trading volume of 20,144,669 shares, compared to its average volume of 38,110,430. Rivian Automotive, Inc. has a twelve month low of $8.26 and a twelve month high of $18.85. The stock has a market cap of $12.82 billion, a PE ratio of -2.24 and a beta of 2.05. The firm's 50 day moving average price is $13.39 and its 200-day moving average price is $12.90. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the business's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now directly owns 378,498 shares in the company, valued at approximately $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company's stock, valued at $13,960,547.37. This trade represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 363,142 shares of company stock worth $4,958,860. 2.51% of the stock is currently owned by insiders.

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.