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

Canal Insurance CO trimmed its stake in Rivian Automotive, Inc. (NASDAQ:RIVN) by 49.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 100,000 shares of the electric vehicle automaker’s stock after selling 96,000 shares during the quarter. Canal Insurance CO’s holdings in Rivian Automotive were worth $1,330,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. John G Ullman & Associates Inc. raised its stake in Rivian Automotive by 9.1% during the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock valued at $135,000 after buying an additional 1,000 shares in the last quarter. GHP Investment Advisors Inc. raised its position in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock valued at $29,000 after acquiring an additional 1,002 shares in the last quarter. Tradition Wealth Management LLC lifted its stake in Rivian Automotive by 11.9% during the third quarter. Tradition Wealth Management LLC now owns 11,755 shares of the electric vehicle automaker’s stock worth $132,000 after purchasing an additional 1,250 shares during the last quarter. Regal Investment Advisors LLC boosted its holdings in Rivian Automotive by 7.0% in the second quarter. Regal Investment Advisors LLC now owns 19,493 shares of the electric vehicle automaker’s stock worth $262,000 after purchasing an additional 1,281 shares during the period. Finally, Blue Trust Inc. increased its stake in Rivian Automotive by 40.3% during the third quarter. Blue Trust Inc. now owns 4,531 shares of the electric vehicle automaker’s stock valued at $51,000 after purchasing an additional 1,301 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the subject of a number of recent research reports. Mizuho lowered their price objective on shares of Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Piper Sandler cut their price target on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Truist Financial boosted their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Wells Fargo & Company cut their target price on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, Bank of America lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $20.00 to $13.00 in a research report on Friday, November 8th. One equities research analyst has 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 MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average target price of $15.52.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $12.85 on Tuesday. The firm has a 50-day moving average of $13.25 and a 200-day moving average of $12.94. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive, Inc. has a one year low of $8.26 and a one year high of $18.85.

Insider Activity

In related news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Claire Mcdonough sold 18,501 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $15.00, for a total transaction of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. This represents a 4.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 363,142 shares of company stock valued at $4,958,860 in the last quarter. Company insiders own 2.51% of the company’s stock.

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.