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

Rivian Automotive, Inc. (NASDAQ:RIVN) saw unusually large options trading on Thursday. Stock traders purchased 286,674 call options on the stock. This represents an increase of approximately 46% compared to the average daily volume of 196,702 call options.

Rivian Automotive Price Performance

NASDAQ:RIVN opened at $13.02 on Friday. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. The firm has a market cap of $14.72 billion, a PE ratio of -2.76 and a beta of 2.03. Rivian Automotive has a 12 month low of $8.26 and a 12 month high of $18.86. The company’s 50-day moving average price is $12.30 and its two-hundred day moving average price is $12.15.

Rivian Automotive (NASDAQ:RIVN) last announced its earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, topping the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. On average, equities analysts anticipate that Rivian Automotive will post -3.2 EPS for the current fiscal year.

Insider Transactions at Rivian Automotive

In other news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares of the company’s stock, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Robert J. Scaringe sold 35,713 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $13.76, for a total value of $491,410.88. Following the transaction, the chief executive officer now directly owns 863,361 shares of the company’s stock, valued at $11,879,847.36. This represents a 3.97 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 185,427 shares of company stock worth $2,588,475. 2.51% of the stock is owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several large investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its stake in shares of Rivian Automotive by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker’s stock valued at $175,639,000 after purchasing an additional 227,168 shares during the last quarter. Capital International Investors bought a new position in Rivian Automotive in the 4th quarter valued at $144,030,000. Norges Bank acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at $123,308,000. Soma Equity Partners LP raised its position in shares of Rivian Automotive by 19.9% during the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker’s stock worth $112,865,000 after acquiring an additional 1,407,772 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker’s stock valued at $96,275,000 after acquiring an additional 2,941,928 shares during the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RIVN. TD Cowen initiated coverage on Rivian Automotive in a report on Friday, March 7th. They set a “hold” rating and a $12.70 price target for the company. Guggenheim reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating for the company in a report on Monday, February 24th. UBS Group boosted their price objective on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Mizuho reduced their target price on shares of Rivian Automotive from $13.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Finally, Wells Fargo & Company boosted their price target on Rivian Automotive from $11.00 to $14.00 and gave the company an “equal weight” rating in a research note on Friday, February 21st. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six 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 $14.38.

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.