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

Rivian Automotive, Inc. (NASDAQ:RIVN) saw unusually large options trading on Wednesday. Stock investors purchased 317,915 call options on the company. This represents an increase of approximately 102% compared to the average volume of 157,642 call options.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 83,333 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total transaction of $1,139,995.44. Following the transaction, the chief executive officer now owns 886,526 shares in the company, valued at approximately $12,127,675.68. This represents a 8.59 % 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. 2.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Assenagon Asset Management S.A. boosted its holdings in Rivian Automotive by 1.7% in the second quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the period. First Horizon Advisors Inc. lifted its holdings in Rivian Automotive by 30.7% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after buying an additional 670 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after buying an additional 760 shares during the last quarter. Certuity LLC lifted its holdings in Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after buying an additional 815 shares during the last quarter. Finally, Sanders Morris Harris LLC lifted its holdings in Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock worth $136,000 after buying an additional 823 shares during the last quarter. 66.25% of the stock is currently owned by hedge funds and other institutional investors.

Rivian Automotive Trading Down 14.3 %

NASDAQ:RIVN opened at $10.31 on Friday. The firm has a market cap of $10.40 billion, a PE ratio of -1.84 and a beta of 2.04. The stock has a fifty day moving average price of $11.15 and a 200 day moving average price of $12.38. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.61. The company has a current ratio of 5.09, a quick ratio of 4.01 and a debt-to-equity ratio of 0.93.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RIVN shares. Wedbush restated an “outperform” rating and issued a $20.00 target price on shares of Rivian Automotive in a research report on Friday, November 8th. The Goldman Sachs Group raised their target price on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday. Needham & Company LLC decreased their target price on Rivian Automotive from $18.00 to $14.00 and set a “buy” rating on the stock in a research report on Friday, November 8th. Stifel Nicolaus decreased their target price on Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Guggenheim cut their price target on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has an average rating of “Hold” and an average target price of $15.73.

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.