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

Rivian Automotive, Inc. (NASDAQ:RIVN) saw unusually large options trading activity on Monday. Investors bought 185,311 call options on the stock. This is an increase of 43% compared to the average volume of 129,677 call options.

Insider Activity

In related news, Director Karen Boone sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $20.00, for a total value of $400,000.00. Following the completion of the sale, the director directly owned 110,000 shares in the company, valued at approximately $2,200,000. The trade was a 15.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Claire Mcdonough sold 8,023 shares of Rivian Automotive stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $16.00, for a total transaction of $128,368.00. Following the sale, the chief financial officer directly owned 819,178 shares in the company, valued at $13,106,848. This trade represents a 0.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 84,008 shares of company stock worth $1,369,594. Corporate insiders own 1.48% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the company. Ameritas Advisory Services LLC purchased a new position in shares of Rivian Automotive in the 2nd quarter worth $109,000. Saudi Central Bank increased its position in Rivian Automotive by 92.0% during the second quarter. Saudi Central Bank now owns 56,287 shares of the electric vehicle automaker’s stock valued at $977,000 after acquiring an additional 26,968 shares during the last quarter. AlphaGrep UK Ltd purchased a new stake in Rivian Automotive during the second quarter valued at $184,000. Odyssean LLC lifted its holdings in Rivian Automotive by 97.2% in the second quarter. Odyssean LLC now owns 110,259 shares of the electric vehicle automaker’s stock valued at $1,913,000 after acquiring an additional 54,343 shares during the period. Finally, TD Waterhouse Canada Inc. lifted its holdings in Rivian Automotive by 96.7% in the second quarter. TD Waterhouse Canada Inc. now owns 11,315 shares of the electric vehicle automaker’s stock valued at $194,000 after acquiring an additional 5,564 shares during the period. 66.25% of the stock is owned by institutional investors.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN opened at $16.97 on Monday. The company has a market cap of $24.57 billion, a PE ratio of -6.58 and a beta of 1.61. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.65 and a current ratio of 2.10. Rivian Automotive has a 52-week low of $12.16 and a 52-week high of $22.69. The firm’s 50 day moving average price is $16.48 and its 200-day moving average price is $15.82.

Rivian Automotive (NASDAQ:RIVN) last released its quarterly earnings data on Thursday, July 30th. The electric vehicle automaker reported ($0.47) EPS for the quarter, beating the consensus estimate of ($0.66) by $0.19. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.52 billion. Rivian Automotive had a negative return on equity of 73.90% and a negative net margin of 54.96%.Rivian Automotive’s revenue was up 27.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.97) earnings per share. On average, equities research analysts expect that Rivian Automotive will post -2.98 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RIVN. Jefferies Financial Group increased their price objective on Rivian Automotive from $16.00 to $17.00 and gave the company a “hold” rating in a report on Tuesday, July 7th. DA Davidson upped their price objective on shares of Rivian Automotive from $14.00 to $15.00 and gave the company a “neutral” rating in a report on Monday, May 11th. Wall Street Zen upgraded Rivian Automotive from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. UBS Group boosted their target price on shares of Rivian Automotive from $16.00 to $17.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Finally, TD Cowen raised their price target on shares of Rivian Automotive from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Twelve analysts have rated the stock with a Buy rating, eight have issued a Hold rating and seven have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $18.95.

About Rivian Automotive

Rivian Automotive, Inc is an American automotive technology company specializing in the design, development and manufacture of electric vehicles. The company is best known for its all-electric R1 platform, which underpins the R1T pickup truck and R1S sport utility vehicle. In addition to consumer products, Rivian has secured a significant commercial contract to produce electric delivery vans for a leading e-commerce provider, underscoring its capability to serve both retail and fleet customers.

Founded in 2009 by engineer and entrepreneur Robert “RJ” Scaringe, Rivian has grown from a research-focused startup into a publicly traded corporation.