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

Rivian Automotive, Inc. (NASDAQ:RIVN) saw unusually large options trading activity on Friday. Stock traders purchased 251,557 call options on the stock. This is an increase of 32% compared to the typical daily volume of 190,193 call options.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total transaction of $98,783.40. Following the transaction, the chief financial officer now directly owns 370,401 shares in the company, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $11.25, for a total transaction of $937,507.50. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. The trade was a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 327,429 shares of company stock valued at $4,467,450 in the last ninety days. Insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new position in Rivian Automotive during the third quarter worth $28,000. GHP Investment Advisors Inc. raised its holdings in shares of Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the period. American Capital Advisory LLC lifted its position in shares of Rivian Automotive by 267.6% in the 3rd quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after buying an additional 2,111 shares during the last quarter. Hantz Financial Services Inc. boosted its holdings in shares of Rivian Automotive by 2,636.4% in the 3rd quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock valued at $34,000 after buying an additional 2,900 shares during the period. Finally, Capital Performance Advisors LLP bought a new stake in shares of Rivian Automotive during the 3rd quarter valued at about $44,000. 66.25% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research reports. Piper Sandler lowered 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 note on Friday, November 8th. Robert W. Baird restated a “neutral” rating and set a $16.00 price target (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. Wedbush restated an “outperform” rating and issued a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. Benchmark assumed coverage on Rivian Automotive in a report on Monday, December 9th. They set a “buy” rating and a $18.00 target price for the company. Finally, Needham & Company LLC dropped their target price on shares of Rivian Automotive from $18.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $15.48.

Rivian Automotive Stock Down 1.6 %

RIVN traded down $0.23 during trading on Friday, hitting $14.21. The company had a trading volume of 64,966,337 shares, compared to its average volume of 45,119,617. The company has a market cap of $14.50 billion, a PE ratio of -2.54 and a beta of 2.05. The business has a 50-day moving average of $12.89 and a 200-day moving average of $13.07. 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 1-year low of $8.26 and a 1-year 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.