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

Rivian Automotive, Inc. (NASDAQ:RIVN) was the target of some unusual options trading activity on Thursday. Traders bought 286,674 call options on the stock. This is an increase of 46% compared to the average daily volume of 196,702 call options.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Sanford C. Bernstein started coverage on Rivian Automotive in a research report on Wednesday, January 29th. They set an “underperform” rating and a $6.10 price objective for the company. Benchmark reissued a “buy” rating and issued a $18.00 price target on shares of Rivian Automotive in a research note on Tuesday, March 18th. Robert W. Baird restated a “neutral” rating and set a $16.00 price objective (down from $18.00) on shares of Rivian Automotive in a research note on Wednesday, December 18th. UBS Group increased their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Finally, TD Cowen started coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price target on the stock. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $14.38.

Insider Activity

In other Rivian Automotive news, CEO Robert J. Scaringe sold 71,429 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $11.82, for a total value of $844,290.78. Following the sale, the chief executive officer now directly owns 853,011 shares in the company, valued at approximately $10,082,590.02. This trade represents a 7.73 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Claire Mcdonough sold 6,856 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total transaction of $97,766.56. Following the transaction, the chief financial officer now owns 335,076 shares of the company’s stock, valued at $4,778,183.76. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 185,427 shares of company stock valued at $2,588,475. Company insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

A number of hedge funds have recently made changes to their positions in the stock. Capital International Investors acquired a new position in Rivian Automotive in the 4th quarter worth about $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $123,308,000. Northern Trust Corp increased 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 worth $96,275,000 after buying an additional 2,941,928 shares during the last quarter. Twinbeech Capital LP bought a new position in Rivian Automotive during the fourth quarter valued at approximately $29,944,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in 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 acquiring an additional 2,035,831 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Trading Up 7.6 %

Rivian Automotive stock opened at $13.02 on Friday. The company has a 50 day moving average price of $12.30 and a 200 day moving average price of $12.15. 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 52 week low of $8.26 and a 52 week high of $18.86. The firm has a market capitalization of $14.72 billion, a price-to-earnings ratio of -2.76 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.06. The business had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.43 billion. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. Research analysts forecast that Rivian Automotive will post -3.2 EPS for the current year.

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.