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

Rivian Automotive, Inc. (NASDAQ:RIVN) saw unusually large options trading on Tuesday. Stock traders acquired 217,608 call options on the stock. This is an increase of approximately 38% compared to the average daily volume of 158,013 call options.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RIVN. Wedbush lowered their price objective on Rivian Automotive from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Wednesday, May 7th. Piper Sandler downgraded Rivian Automotive from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Stifel Nicolaus lifted their price objective on Rivian Automotive from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Mizuho lifted their price objective on Rivian Automotive from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Friday, May 16th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $15.00 price objective on shares of Rivian Automotive in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $14.24.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 17,185 shares of Rivian Automotive stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.39, for a total value of $264,477.15. Following the completion of the sale, the chief financial officer now owns 824,875 shares of the company’s stock, valued at $12,694,826.25. The trade was a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 71,428 shares of Rivian Automotive stock in a transaction on Monday, May 19th. The shares were sold at an average price of $15.36, for a total value of $1,097,134.08. Following the completion of the sale, the chief executive officer now directly owns 1,483,111 shares of the company’s stock, valued at approximately $22,780,584.96. This represents a 4.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 384,265 shares of company stock valued at $5,201,750. Corporate insiders own 2.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Tandem Financial LLC acquired a new position in shares of Rivian Automotive in the fourth quarter worth about $25,000. PFS Partners LLC raised its stake in Rivian Automotive by 1,882.0% during the first quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker’s stock valued at $25,000 after buying an additional 1,882 shares in the last quarter. Banque Transatlantique SA raised its stake in Rivian Automotive by 13,194.1% during the first quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker’s stock valued at $26,000 after buying an additional 2,243 shares in the last quarter. Bank of Jackson Hole Trust acquired a new stake in Rivian Automotive during the fourth quarter valued at approximately $27,000. Finally, Orion Capital Management LLC acquired a new stake in Rivian Automotive during the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Rivian Automotive Trading Down 3.4%

NASDAQ:RIVN opened at $16.34 on Thursday. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a one year low of $9.50 and a one year high of $18.86. The business’s 50-day simple moving average is $12.73 and its 200 day simple moving average is $12.63. The stock has a market cap of $18.48 billion, a price-to-earnings ratio of -3.46 and a beta of 1.86.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.80) by $0.23. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $981.52 million. During the same quarter in the previous year, the firm posted ($1.48) earnings per share. The company’s revenue was up 3.0% compared to the same quarter last year. As a group, sell-side analysts predict that Rivian Automotive will post -3.2 earnings per share for the current fiscal 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.