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

Rivian Automotive, Inc. (NASDAQ:RIVN) was the target of unusually large options trading activity on Thursday. Stock traders acquired 177,435 call options on the stock. This is an increase of 33% compared to the average volume of 133,425 call options.

Insider Activity at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total value of $1,633,946.00. Following the transaction, the chief executive officer directly owned 1,483,111 shares of the company’s stock, valued at $22,617,442.75. This trade represents a 6.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.39, for a total transaction of $264,477.15. Following the completion of the transaction, the chief financial officer directly owned 824,875 shares in the company, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 241,407 shares of company stock worth $3,553,883. 2.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently made changes to their positions in the company. Greenleaf Trust lifted its position in Rivian Automotive by 25.3% during the 2nd quarter. Greenleaf Trust now owns 26,861 shares of the electric vehicle automaker’s stock worth $369,000 after buying an additional 5,423 shares in the last quarter. HCR Wealth Advisors lifted its position in Rivian Automotive by 49.6% during the 2nd quarter. HCR Wealth Advisors now owns 15,000 shares of the electric vehicle automaker’s stock worth $206,000 after buying an additional 4,970 shares in the last quarter. Signaturefd LLC lifted its position in Rivian Automotive by 15.2% during the 2nd quarter. Signaturefd LLC now owns 15,885 shares of the electric vehicle automaker’s stock worth $218,000 after buying an additional 2,091 shares in the last quarter. PFS Partners LLC lifted its position in Rivian Automotive by 50.5% during the 2nd quarter. PFS Partners LLC now owns 2,982 shares of the electric vehicle automaker’s stock worth $41,000 after buying an additional 1,000 shares in the last quarter. Finally, Ballentine Partners LLC lifted its position in Rivian Automotive by 73.5% during the 2nd quarter. Ballentine Partners LLC now owns 27,739 shares of the electric vehicle automaker’s stock worth $381,000 after buying an additional 11,750 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Rivian Automotive Price Performance

Shares of Rivian Automotive stock opened at $12.90 on Friday. The firm has a fifty day simple moving average of $14.13 and a 200-day simple moving average of $13.09. The company has a current ratio of 3.73, a quick ratio of 2.80 and a debt-to-equity ratio of 0.71. Rivian Automotive has a 1-year low of $9.50 and a 1-year high of $17.56. The stock has a market capitalization of $14.59 billion, a price-to-earnings ratio of -3.47 and a beta of 1.81.

Rivian Automotive (NASDAQ:RIVN) last released its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.23. The firm had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $981.52 million. Rivian Automotive had a negative net margin of 76.83% and a negative return on equity of 60.64%. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.48) EPS. On average, sell-side analysts expect that Rivian Automotive will post -3.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RIVN. Guggenheim downgraded shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research report on Monday. Piper Sandler boosted 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 Thursday, May 22nd. UBS Group boosted their price objective on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research report on Wednesday, May 7th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $15.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 7th. Finally, Mizuho boosted their price objective on shares of Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Three research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $14.38.

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.