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

Rivian Automotive, Inc. (NASDAQ:RIVN) was the target of some unusual options trading on Thursday. Investors bought 286,674 call options on the stock. This is an increase of approximately 46% compared to the average volume of 196,702 call options.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $14.26, for a total transaction of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of the firm’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total transaction of $491,410.88. Following the sale, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at approximately $11,879,847.36. The trade was a 3.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,427 shares of company stock worth $2,588,475 over the last three months. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently modified their holdings of RIVN. Tandem Financial LLC bought a new position in Rivian Automotive in the fourth quarter valued at approximately $25,000. Bank of Jackson Hole Trust bought a new stake in Rivian Automotive in the 4th quarter valued at $27,000. Wilmington Savings Fund Society FSB acquired a new position in Rivian Automotive in the 3rd quarter worth $28,000. Hantz Financial Services Inc. increased its holdings in Rivian Automotive by 2,636.4% during the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after purchasing an additional 2,900 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at about $34,000. 66.25% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RIVN has been the topic of several research analyst reports. Sanford C. Bernstein assumed coverage on Rivian Automotive in a report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 target price on the stock. Wells Fargo & Company increased their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, February 21st. Piper Sandler downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $19.00 to $13.00 in a research note on Thursday, March 20th. Needham & Company LLC increased their price target on shares of Rivian Automotive from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 21st. Finally, Benchmark reissued a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a report on Tuesday, March 18th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Rivian Automotive presently has a consensus rating of “Hold” and a consensus price target of $14.38.

Rivian Automotive Trading Up 7.9 %

Shares of NASDAQ RIVN traded up $0.95 during midday trading on Thursday, reaching $13.05. 57,156,396 shares of the stock were exchanged, compared to its average volume of 36,941,804. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.86. The company has a market capitalization of $14.76 billion, a price-to-earnings ratio of -2.77 and a beta of 2.03. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. The business has a 50-day simple moving average of $12.32 and a two-hundred day simple moving average of $12.14.

Rivian Automotive (NASDAQ:RIVN) last posted its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share 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 for the quarter, compared to analyst estimates of $1.43 billion. As a group, equities research analysts expect that Rivian Automotive will post -3.2 EPS for the current year.

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.