Stock Traders Buy High Volume of Rivian Automotive Call Options (NASDAQ:RIVN)

Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) saw unusually large options trading activity on Monday. Traders purchased 107,941 call options on the stock. This represents an increase of approximately 23% compared to the average volume of 87,432 call options.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 14,235 shares of the business’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $34.92, for a total transaction of $497,086.20. Following the transaction, the chief financial officer now owns 81,151 shares in the company, valued at approximately $2,833,792.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Claire Mcdonough sold 14,235 shares of Rivian Automotive stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $34.92, for a total transaction of $497,086.20. Following the sale, the chief financial officer now directly owns 81,151 shares in the company, valued at approximately $2,833,792.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jeff Baker sold 1,689 shares of Rivian Automotive stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $34.38, for a total transaction of $58,067.82. Following the sale, the chief accounting officer now owns 89,331 shares in the company, valued at $3,071,199.78. The disclosure for this sale can be found here. Insiders own 2.34% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in shares of Rivian Automotive by 31.8% in the first quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock valued at $528,000 after purchasing an additional 2,532 shares during the period. DA Davidson & CO. raised its position in shares of Rivian Automotive by 9.1% in the first quarter. DA Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after purchasing an additional 515 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Rivian Automotive in the first quarter valued at about $493,000. MetLife Investment Management LLC bought a new position in shares of Rivian Automotive in the first quarter valued at about $231,000. Finally, Rhumbline Advisers raised its position in shares of Rivian Automotive by 5.3% in the first quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock valued at $6,633,000 after purchasing an additional 6,690 shares during the period. Institutional investors and hedge funds own 67.97% of the company’s stock.

Wall Street Analysts Forecast Growth

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RIVN has been the subject of several recent analyst reports. Canaccord Genuity Group lowered their target price on shares of Rivian Automotive from $61.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, November 10th. Wedbush lowered their price objective on shares of Rivian Automotive from $45.00 to $37.00 and set an “outperform” rating for the company in a research report on Thursday, November 10th. Cantor Fitzgerald assumed coverage on shares of Rivian Automotive in a research report on Tuesday, December 20th. They set an “overweight” rating and a $22.00 price objective for the company. The Goldman Sachs Group lowered their price objective on shares of Rivian Automotive from $41.00 to $19.00 in a research report on Tuesday, January 10th. Finally, Morgan Stanley lowered their price objective on shares of Rivian Automotive from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Monday, November 14th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.67.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $18.10 on Tuesday. The stock has a market cap of $16.67 billion, a P/E ratio of -1.75 and a beta of 1.84. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.84 and a quick ratio of 6.39. The company has a fifty day moving average price of $23.16 and a two-hundred day moving average price of $30.11. Rivian Automotive has a one year low of $15.28 and a one year high of $71.50.

Rivian Automotive (NASDAQ:RIVN – Get Rating) last announced its quarterly earnings results on Wednesday, November 9th. The electric vehicle automaker reported ($1.57) EPS for the quarter, beating analysts’ consensus estimates of ($1.78) by $0.21. The firm had revenue of $536.00 million during the quarter, compared to analysts’ expectations of $513.89 million. Rivian Automotive had a negative net margin of 714.01% and a negative return on equity of 32.42%. As a group, equity analysts predict that Rivian Automotive will post -7.41 EPS for the current year.

About Rivian Automotive

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides a Rivian Commercial Vehicle platform for electric Delivery Vans with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

Further Reading

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