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

Rivian Automotive, Inc. (NASDAQ:RIVN) was the recipient of some unusual options trading activity on Tuesday. Investors acquired 217,608 call options on the company. This is an increase of 38% compared to the typical volume of 158,013 call options.

Rivian Automotive Stock Performance

Shares of RIVN opened at $16.92 on Wednesday. Rivian Automotive has a 12-month low of $9.50 and a 12-month high of $18.86. The stock has a market cap of $19.13 billion, a P/E ratio of -3.58 and a beta of 1.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The company has a 50-day moving average of $12.62 and a two-hundred day moving average of $12.60.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping 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 firm had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.43 billion. As a group, research analysts predict that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 71,429 shares of the firm’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 transaction, the chief executive officer now owns 853,011 shares in the company, valued at $9,596,373.75. This trade represents a 7.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Claire Mcdonough sold 9,937 shares of Rivian Automotive stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $15.00, for a total value of $149,055.00. Following the transaction, the chief financial officer now directly owns 851,637 shares in the company, valued at approximately $12,774,555. This trade represents a 1.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 384,265 shares of company stock valued at $5,201,750 over the last ninety days. Insiders own 2.16% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

A number of institutional investors have recently made changes to their positions in RIVN. Tandem Financial LLC purchased a new stake in Rivian Automotive during the 4th quarter worth about $25,000. PFS Partners LLC boosted its stake in shares of Rivian Automotive by 1,882.0% during the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock worth $25,000 after purchasing an additional 1,882 shares during the last quarter. Banque Transatlantique SA grew its holdings in shares of Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock worth $26,000 after buying an additional 2,243 shares in the last quarter. Bank of Jackson Hole Trust purchased a new stake in shares of Rivian Automotive during the fourth quarter worth about $27,000. Finally, Orion Capital Management LLC acquired a new position in shares of Rivian Automotive in the fourth quarter valued at approximately $34,000. 66.25% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RIVN has been the topic of a number of research reports. Robert W. Baird lowered their target price on shares of Rivian Automotive from $16.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Guggenheim reissued a “buy” rating and set a $16.00 price objective on shares of Rivian Automotive in a research report on Tuesday, May 6th. JPMorgan Chase & Co. reduced their target price on shares of Rivian Automotive from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Friday, April 25th. UBS Group increased their price target on Rivian Automotive from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. Finally, TD Cowen initiated coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They issued a “hold” rating and a $12.70 price objective for the company. Three equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average price target of $14.24.

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.