Rivian Automotive Sees Unusually Large Options Volume (NASDAQ:RIVN)

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

Insiders Place Their Bets

In related news, CEO Robert J. Scaringe sold 83,334 shares of the company’s stock in a transaction 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 directly owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This represents a 8.80 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 3,210 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were 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 owns 378,498 shares in the company, valued at $3,796,334.94. The trade was a 0.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,429 shares of company stock valued at $4,467,450 over the last quarter. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its holdings in shares of Rivian Automotive by 79.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker’s stock valued at $51,693,000 after buying an additional 2,035,831 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Rivian Automotive by 1,870.7% in the third quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker’s stock worth $608,000 after acquiring an additional 51,464 shares during the last quarter. Mizuho Markets Americas LLC lifted its position in shares of Rivian Automotive by 30.7% during the third quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker’s stock worth $5,964,000 after purchasing an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. grew its stake in shares of Rivian Automotive by 543.8% during the third quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker’s stock valued at $1,601,000 after purchasing an additional 120,544 shares during the last quarter. Finally, Renaissance Capital LLC increased its holdings in shares of Rivian Automotive by 20.0% in the third quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker’s stock valued at $9,958,000 after purchasing an additional 148,197 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

RIVN has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their price target on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a research report on Tuesday, October 22nd. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Baird R W lowered Rivian Automotive from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 18th. Barclays lowered their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 15th. Finally, The Goldman Sachs Group increased their price target on shares of Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.48.

Rivian Automotive Stock Performance

NASDAQ:RIVN opened at $14.21 on Friday. The stock has a market capitalization of $14.50 billion, a P/E ratio of -2.54 and a beta of 2.05. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. Rivian Automotive has a 1 year low of $8.26 and a 1 year high of $18.85. The firm has a 50 day moving average of $12.96 and a 200-day moving average of $13.06.

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.