Rivian Automotive Sees Unusually High Options Volume (NASDAQ:RIVN)

Rivian Automotive, Inc. (NASDAQ:RIVN) saw unusually large options trading activity on Monday. Traders purchased 185,311 call options on the company. This is an increase of approximately 43% compared to the average volume of 129,677 call options.

Rivian Automotive Stock Performance

Shares of RIVN opened at $16.97 on Monday. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.10 and a quick ratio of 1.65. Rivian Automotive has a 1 year low of $12.16 and a 1 year high of $22.69. The company has a 50 day simple moving average of $16.48 and a two-hundred day simple moving average of $15.82. The firm has a market cap of $24.57 billion, a P/E ratio of -6.58 and a beta of 1.61.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Thursday, July 30th. The electric vehicle automaker reported ($0.47) EPS for the quarter, topping the consensus estimate of ($0.66) by $0.19. Rivian Automotive had a negative net margin of 54.96% and a negative return on equity of 73.90%. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.52 billion. During the same quarter in the previous year, the firm earned ($0.97) earnings per share. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. On average, equities analysts expect that Rivian Automotive will post -2.98 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Benchmark restated a “buy” rating and issued a $25.00 price objective on shares of Rivian Automotive in a research note on Friday, May 1st. UBS Group lifted their target price on Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft lowered Rivian Automotive from a “buy” rating to an “underperform” rating in a report on Tuesday, August 4th. Weiss Ratings upgraded Rivian Automotive from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 6th. Finally, Jefferies Financial Group raised their price objective on Rivian Automotive from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Tuesday, July 7th. Twelve investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and seven have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $18.95.

Insider Buying and Selling

In other Rivian Automotive news, CFO Claire Mcdonough sold 13,144 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $14.50, for a total value of $190,588.00. Following the transaction, the chief financial officer directly owned 827,201 shares in the company, valued at approximately $11,994,414.50. This trade represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Boone sold 20,000 shares of the stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the director owned 110,000 shares in the company, valued at $2,200,000. The trade was a 15.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 84,008 shares of company stock valued at $1,369,594. 1.48% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Newbridge Financial Services Group Inc. lifted its position in shares of Rivian Automotive by 113.6% in the second quarter. Newbridge Financial Services Group Inc. now owns 1,880 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 1,000 shares in the last quarter. Core Wealth Advisors LLC purchased a new position in Rivian Automotive during the 4th quarter valued at approximately $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Rivian Automotive during the 3rd quarter valued at approximately $31,000. Zions Bancorporation National Association UT bought a new stake in Rivian Automotive in the 4th quarter worth approximately $33,000. Finally, Oslo Pensjonsforsikring AS bought a new stake in Rivian Automotive in the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.