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

Rivian Automotive, Inc. (NASDAQ:RIVN) saw some unusual options trading on Thursday. Stock traders acquired 237,951 call options on the stock. This is an increase of 51% compared to the typical volume of 158,013 call options.

Wall Street Analyst Weigh In

RIVN has been the subject of several recent analyst reports. Mizuho reduced their price objective on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. JPMorgan Chase & Co. reduced their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Piper Sandler reduced their price objective on Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Friday, November 8th. Wedbush restated an “outperform” rating and set a $20.00 price target on shares of Rivian Automotive in a research note on Friday, November 8th. Finally, Stifel Nicolaus cut their price target on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $15.73.

Insider Transactions at Rivian Automotive

In other news, CEO Robert J. Scaringe sold 83,333 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Claire Mcdonough sold 3,210 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,210 shares of company stock valued at $3,079,695. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Institutional investors and hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC lifted its position in Rivian Automotive by 1,870.7% during the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after buying an additional 51,464 shares during the period. Mizuho Markets Americas LLC lifted its position in Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after buying an additional 124,950 shares during the period. Vontobel Holding Ltd. lifted its position in Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock worth $1,601,000 after buying an additional 120,544 shares during the period. Renaissance Capital LLC lifted its position in Rivian Automotive by 20.0% during the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock worth $9,958,000 after buying an additional 148,197 shares during the period. Finally, Private Advisory Group LLC purchased a new position in Rivian Automotive during the third quarter worth about $2,109,000. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Stock Up 5.8 %

Shares of NASDAQ:RIVN opened at $12.22 on Thursday. 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 has a 52-week low of $8.26 and a 52-week high of $24.61. The stock’s fifty day simple moving average is $10.69 and its 200-day simple moving average is $12.45. The company has a market capitalization of $12.47 billion, a P/E ratio of -2.18 and a beta of 2.04.

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.