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

Rivian Automotive, Inc. (NASDAQ:RIVN) was the recipient of unusually large options trading activity on Friday. Investors acquired 251,557 call options on the company. This is an increase of 32% compared to the typical volume of 190,193 call options.

Insider Buying and Selling

In other news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $10.03, for a total transaction of $32,196.30. Following the completion of the transaction, the chief financial officer now directly owns 378,498 shares of the company’s stock, valued at $3,796,334.94. This represents a 0.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $13.65, for a total value of $975,005.85. Following the completion of the sale, the chief executive officer now directly owns 863,361 shares in the company, valued at approximately $11,784,877.65. This represents a 7.64 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 327,429 shares of company stock valued at $4,467,450. Company insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Baillie Gifford & Co. increased its holdings in Rivian Automotive by 52.5% in the 3rd quarter. Baillie Gifford & Co. now owns 50,357,579 shares of the electric vehicle automaker’s stock valued at $565,012,000 after buying an additional 17,341,786 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Rivian Automotive by 79.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock worth $51,693,000 after acquiring an additional 2,035,831 shares in the last quarter. AQR Capital Management LLC increased its stake in Rivian Automotive by 102.8% in the second quarter. AQR Capital Management LLC now owns 2,479,559 shares of the electric vehicle automaker’s stock valued at $33,276,000 after acquiring an additional 1,257,106 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Rivian Automotive during the second quarter valued at approximately $9,388,000. Finally, abrdn plc lifted its stake in Rivian Automotive by 17.8% during the third quarter. abrdn plc now owns 3,439,143 shares of the electric vehicle automaker’s stock worth $38,587,000 after purchasing an additional 518,561 shares during the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

RIVN has been the subject of a number of recent research reports. JPMorgan Chase & Co. reduced their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Needham & Company LLC dropped their price target on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Piper Sandler decreased their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Friday, November 8th. Barclays cut their target price on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Finally, Wells Fargo & Company lowered their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $15.48.

Rivian Automotive Price Performance

Shares of NASDAQ RIVN opened at $14.21 on Friday. The business has a fifty day moving average price of $12.96 and a two-hundred day moving average price of $13.06. The stock has a market capitalization of $14.50 billion, a PE ratio of -2.54 and a beta of 2.05. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $18.85.

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.