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

Rivian Automotive, Inc. (NASDAQ:RIVN) was the target of unusually large options trading on Thursday. Traders bought 274,180 call options on the stock. This represents an increase of approximately 60% compared to the average daily volume of 171,603 call options.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RIVN shares. UBS Group lifted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Monday, October 6th. Needham & Company LLC lifted their price target on shares of Rivian Automotive from $14.00 to $23.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. DA Davidson upped their price objective on shares of Rivian Automotive from $13.00 to $15.00 and gave the company a “neutral” rating in a research report on Tuesday, November 11th. Canaccord Genuity Group reaffirmed a “buy” rating on shares of Rivian Automotive in a research note on Monday. Finally, Evercore ISI reissued an “outperform” rating on shares of Rivian Automotive in a research note on Monday. Eight analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and six have given a Sell rating to the company. According to data from MarketBeat, Rivian Automotive presently has a consensus rating of “Hold” and an average target price of $15.34.

Rivian Automotive Stock Performance

Shares of RIVN stock traded up $2.48 on Thursday, reaching $20.11. The stock had a trading volume of 48,492,765 shares, compared to its average volume of 38,955,141. Rivian Automotive has a 12 month low of $10.36 and a 12 month high of $20.08. The firm has a market capitalization of $24.65 billion, a price-to-earnings ratio of -6.45 and a beta of 1.79. The firm’s 50-day moving average is $15.26 and its two-hundred day moving average is $14.13. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87.

Rivian Automotive (NASDAQ:RIVN) last announced its quarterly earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.65) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.06. The firm had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.The business’s revenue was up 78.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($1.08) earnings per share. On average, research analysts expect that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 17,450 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $17.53, for a total transaction of $305,898.50. Following the transaction, the chief executive officer directly owned 1,167,559 shares in the company, valued at approximately $20,467,309.27. This represents a 1.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Claire Mcdonough sold 8,039 shares of the firm’s stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $18.00, for a total transaction of $144,702.00. Following the completion of the sale, the chief financial officer directly owned 730,017 shares of the company’s stock, valued at approximately $13,140,306. This represents a 1.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 120,154 shares of company stock valued at $2,017,909 in the last 90 days. 2.16% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Rivian Automotive during the 2nd quarter worth approximately $105,629,000. Vanguard Group Inc. grew its position in Rivian Automotive by 3.3% during the third quarter. Vanguard Group Inc. now owns 81,673,512 shares of the electric vehicle automaker’s stock worth $1,198,967,000 after buying an additional 2,597,310 shares in the last quarter. Capital International Investors increased its stake in Rivian Automotive by 13.4% during the 3rd quarter. Capital International Investors now owns 18,351,127 shares of the electric vehicle automaker’s stock worth $269,395,000 after acquiring an additional 2,161,394 shares during the period. AQR Capital Management LLC increased its stake in Rivian Automotive by 496.6% during the 2nd quarter. AQR Capital Management LLC now owns 2,305,236 shares of the electric vehicle automaker’s stock worth $31,490,000 after acquiring an additional 1,918,852 shares during the period. Finally, Worldquant Millennium Advisors LLC raised its holdings in Rivian Automotive by 1,353.6% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 2,058,284 shares of the electric vehicle automaker’s stock valued at $28,281,000 after acquiring an additional 1,916,686 shares in the last quarter. Institutional investors and hedge funds own 66.25% 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.