Rivian Automotive Target of Unusually High Options Trading (NASDAQ:RIVN)

Rivian Automotive, Inc. (NASDAQ:RIVN) was the recipient of unusually large options trading on Monday. Stock investors acquired 191,958 call options on the stock. This represents an increase of 40% compared to the average volume of 137,283 call options.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $16.41 on Tuesday. The firm has a market cap of $19.91 billion, a price-to-earnings ratio of -5.28 and a beta of 1.82. Rivian Automotive has a 52-week low of $9.55 and a 52-week high of $17.15. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The company’s 50 day moving average is $13.96 and its 200 day moving average is $13.73.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Tuesday, November 4th. The electric vehicle automaker reported ($0.70) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.02. The company had revenue of $1.56 billion during the quarter, compared to analyst estimates of $1.27 billion. Rivian Automotive had a negative return on equity of 57.33% and a negative net margin of 61.34%.Rivian Automotive’s revenue was up 78.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($1.08) earnings per share. On average, sell-side analysts anticipate that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 7,247 shares of Rivian Automotive stock in a transaction on Monday, August 18th. The stock was sold at an average price of $12.28, for a total transaction of $88,993.16. Following the completion of the sale, the chief financial officer directly owned 789,445 shares in the company, valued at approximately $9,694,384.60. This trade represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 17,450 shares of the business’s stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $14.00, for a total transaction of $244,300.00. Following the sale, the chief executive officer directly owned 1,316,205 shares of the company’s stock, valued at $18,426,870. This represents a 1.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 42,147 shares of company stock valued at $577,593 over the last three months. 2.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of hedge funds have recently made changes to their positions in the stock. Larson Financial Group LLC boosted its position in Rivian Automotive by 7.4% during the first quarter. Larson Financial Group LLC now owns 10,504 shares of the electric vehicle automaker’s stock valued at $131,000 after purchasing an additional 722 shares in the last quarter. Brown Advisory Inc. lifted its position in shares of Rivian Automotive by 2.4% during the first quarter. Brown Advisory Inc. now owns 32,526 shares of the electric vehicle automaker’s stock valued at $405,000 after buying an additional 772 shares during the last quarter. Prospera Financial Services Inc boosted its holdings in shares of Rivian Automotive by 5.2% in the 3rd quarter. Prospera Financial Services Inc now owns 15,803 shares of the electric vehicle automaker’s stock valued at $232,000 after buying an additional 775 shares in the last quarter. First National Trust Co grew its position in shares of Rivian Automotive by 5.3% in the 1st quarter. First National Trust Co now owns 16,000 shares of the electric vehicle automaker’s stock worth $199,000 after buying an additional 800 shares during the last quarter. Finally, TD Asset Management Inc grew its position in shares of Rivian Automotive by 1.2% in the 2nd quarter. TD Asset Management Inc now owns 75,841 shares of the electric vehicle automaker’s stock worth $1,042,000 after buying an additional 870 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on RIVN shares. Morgan Stanley decreased their price objective on shares of Rivian Automotive from $13.00 to $12.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. Guggenheim lowered shares of Rivian Automotive from a “buy” rating to a “neutral” rating in a research report on Monday, July 14th. Stifel Nicolaus decreased their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Needham & Company LLC reissued a “buy” rating and issued a $14.00 price objective on shares of Rivian Automotive in a research note on Monday, August 25th. Finally, Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a report on Saturday. Five investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat, Rivian Automotive has a consensus rating of “Reduce” and a consensus target price of $13.75.

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.