Traders Purchase High Volume of Call Options on Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive, Inc. (NASDAQ:RIVN) was the recipient of unusually large options trading activity on Tuesday. Stock investors purchased 217,608 call options on the stock. This represents an increase of approximately 38% compared to the average volume of 158,013 call options.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on RIVN shares. Piper Sandler lowered shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and reduced their price target for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Sanford C. Bernstein assumed coverage on shares of Rivian Automotive in a report on Wednesday, January 29th. They issued an “underperform” rating and a $6.10 price target on the stock. The Goldman Sachs Group reduced their price target on shares of Rivian Automotive from $14.00 to $12.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Needham & Company LLC dropped their target price on Rivian Automotive from $17.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Finally, Stifel Nicolaus boosted their price objective on shares of Rivian Automotive from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $14.24.

Rivian Automotive Stock Up 4.9%

RIVN stock traded up $0.79 during trading on Tuesday, hitting $17.08. 42,095,563 shares of the company’s stock traded hands, compared to its average volume of 36,149,389. Rivian Automotive has a 1 year low of $9.50 and a 1 year high of $18.86. The business has a fifty day simple moving average of $12.49 and a two-hundred day simple moving average of $12.57. The firm has a market capitalization of $19.32 billion, a P/E ratio of -3.61 and a beta of 1.86. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.43 billion. Sell-side analysts anticipate that Rivian Automotive will post -3.2 EPS for the current year.

Insider Transactions at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 9,937 shares of Rivian Automotive stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $15.00, for a total value of $149,055.00. Following the completion of the transaction, the chief financial officer now directly owns 851,637 shares of the company’s stock, valued at approximately $12,774,555. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Robert J. Scaringe sold 71,429 shares of the business’s stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $11.25, for a total transaction of $803,576.25. Following the completion of the transaction, the chief executive officer now owns 853,011 shares of the company’s stock, valued at approximately $9,596,373.75. The trade was a 7.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 391,121 shares of company stock worth $5,299,517. Insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of RIVN. Vanguard Group Inc. lifted its stake in shares of Rivian Automotive by 7.8% during the first quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker’s stock worth $959,804,000 after buying an additional 5,610,688 shares during the period. Geode Capital Management LLC lifted its position in Rivian Automotive by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock worth $175,639,000 after acquiring an additional 227,168 shares during the period. Capital International Investors purchased a new stake in Rivian Automotive during the 4th quarter valued at about $144,030,000. Norges Bank acquired a new position in shares of Rivian Automotive in the fourth quarter valued at about $123,308,000. Finally, Soma Equity Partners LP lifted its holdings in shares of Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after purchasing an additional 1,407,772 shares during the period. 66.25% of the stock is owned by hedge funds and other institutional investors.

About Rivian Automotive

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.