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

Rivian Automotive, Inc. (NASDAQ:RIVN) was the recipient of some unusual options trading on Wednesday. Stock investors bought 317,915 call options on the company. This represents an increase of approximately 102% compared to the typical daily volume of 157,642 call options.

Rivian Automotive Trading Down 14.3 %

Shares of NASDAQ RIVN traded down $1.72 during trading on Thursday, hitting $10.31. 79,209,969 shares of the company were exchanged, compared to its average volume of 39,491,063. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.61. The company has a debt-to-equity ratio of 0.93, a quick ratio of 4.01 and a current ratio of 5.09. The company has a fifty day moving average price of $11.22 and a 200-day moving average price of $12.39. The firm has a market capitalization of $10.40 billion, a PE ratio of -1.91 and a beta of 2.04.

Insider Activity at Rivian Automotive

In related news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at $5,328,423.34. This represents a 0.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Rivian Automotive news, CFO Claire Mcdonough sold 3,210 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $13.57, for a total value of $43,559.70. Following the sale, the chief financial officer now owns 392,662 shares in the company, valued at approximately $5,328,423.34. This represents a 0.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $13.68, for a total value of $1,139,995.44. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 169,876 shares of company stock worth $2,153,551 over the last quarter. Insiders own 2.51% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Quent Capital LLC raised its holdings in shares of Rivian Automotive by 74.3% during the 2nd quarter. Quent Capital LLC now owns 1,949 shares of the electric vehicle automaker’s stock worth $26,000 after acquiring an additional 831 shares during the period. GHP Investment Advisors Inc. raised its holdings in shares of Rivian Automotive by 63.2% during the 3rd quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 1,002 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Rivian Automotive by 975.4% during the 1st quarter. EverSource Wealth Advisors LLC now owns 2,624 shares of the electric vehicle automaker’s stock worth $29,000 after acquiring an additional 2,380 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Rivian Automotive during the 2nd quarter worth $37,000. Finally, First Horizon Advisors Inc. raised its holdings in shares of 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 acquiring an additional 670 shares during the period. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on RIVN shares. Needham & Company LLC lowered their price objective 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. JPMorgan Chase & Co. reduced their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Mizuho reduced their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Royal Bank of Canada reduced their target price on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. Finally, Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of Rivian Automotive in a research note on Friday, November 8th. 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’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $15.73.

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.