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

Rivian Automotive, Inc. (NASDAQ:RIVNGet Rating) saw unusually large options trading activity on Monday. Traders purchased 107,941 call options on the stock. This represents an increase of approximately 23% compared to the average volume of 87,432 call options.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 14,235 shares of the business’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $34.92, for a total transaction of $497,086.20. Following the transaction, the chief financial officer now owns 81,151 shares in the company, valued at approximately $2,833,792.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CFO Claire Mcdonough sold 14,235 shares of Rivian Automotive stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $34.92, for a total transaction of $497,086.20. Following the sale, the chief financial officer now directly owns 81,151 shares in the company, valued at approximately $2,833,792.92. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jeff Baker sold 1,689 shares of Rivian Automotive stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $34.38, for a total transaction of $58,067.82. Following the sale, the chief accounting officer now owns 89,331 shares in the company, valued at $3,071,199.78. The disclosure for this sale can be found here. Insiders own 2.34% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in shares of Rivian Automotive by 31.8% in the first quarter. PNC Financial Services Group Inc. now owns 10,502 shares of the electric vehicle automaker’s stock valued at $528,000 after purchasing an additional 2,532 shares during the period. D.A. Davidson & CO. raised its position in shares of Rivian Automotive by 9.1% in the first quarter. D.A. Davidson & CO. now owns 6,176 shares of the electric vehicle automaker’s stock valued at $310,000 after purchasing an additional 515 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Rivian Automotive in the first quarter valued at about $493,000. MetLife Investment Management LLC bought a new position in shares of Rivian Automotive in the first quarter valued at about $231,000. Finally, Rhumbline Advisers raised its position in shares of Rivian Automotive by 5.3% in the first quarter. Rhumbline Advisers now owns 132,021 shares of the electric vehicle automaker’s stock valued at $6,633,000 after purchasing an additional 6,690 shares during the period. Institutional investors and hedge funds own 67.97% of the company’s stock.

Wall Street Analysts Forecast Growth

RIVN has been the subject of several recent analyst reports. Canaccord Genuity Group lowered their target price on shares of Rivian Automotive from $61.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, November 10th. Wedbush lowered their price objective on shares of Rivian Automotive from $45.00 to $37.00 and set an “outperform” rating for the company in a research report on Thursday, November 10th. Cantor Fitzgerald assumed coverage on shares of Rivian Automotive in a research report on Tuesday, December 20th. They set an “overweight” rating and a $22.00 price objective for the company. The Goldman Sachs Group lowered their price objective on shares of Rivian Automotive from $41.00 to $19.00 in a research report on Tuesday, January 10th. Finally, Morgan Stanley lowered their price objective on shares of Rivian Automotive from $60.00 to $55.00 and set an “overweight” rating for the company in a research report on Monday, November 14th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $42.67.

Rivian Automotive Stock Performance

Shares of RIVN stock opened at $18.10 on Tuesday. The stock has a market cap of $16.67 billion, a P/E ratio of -1.75 and a beta of 1.84. The company has a debt-to-equity ratio of 0.08, a current ratio of 6.84 and a quick ratio of 6.39. The company has a fifty day moving average price of $23.16 and a two-hundred day moving average price of $30.11. Rivian Automotive has a one year low of $15.28 and a one year high of $71.50.

Rivian Automotive (NASDAQ:RIVNGet Rating) last announced its quarterly earnings results on Wednesday, November 9th. The electric vehicle automaker reported ($1.57) EPS for the quarter, beating analysts’ consensus estimates of ($1.78) by $0.21. The firm had revenue of $536.00 million during the quarter, compared to analysts’ expectations of $513.89 million. Rivian Automotive had a negative net margin of 714.01% and a negative return on equity of 32.42%. As a group, equities analysts predict that Rivian Automotive will post -7.41 EPS for the current year.

About Rivian Automotive

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Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.

Further Reading

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