Electric vehicle (EV) maker Rivian Automotive Inc (NASDAQ:RIVN) will announce first-quarter earnings after the market closes tomorrow. The security is up 1.9% to trade at $10.27 at last check, but is running into resistance from the 40-day moving average, while the $11 region could emerge as a ceiling. Shares are today eyeing their fourth-straight daily gain, but are down 48.3% in 2024.
The equity has a troubling recent history of post-earnings reactions. The shares finished five of their eight next-day sessions lower, with back-to-back losses since August and a 25.6% loss in February. RIVN averaged an 11.6% swing, regardless of direction in the past two years, but this time the options pits are pricing in a much bigger 23.8% move.
Short sellers are placing their bets, with short interest up 10% during the last two reporting periods. The 131.41 million shares sold short now make up 19.1% of the stock's available float.
The security looks to be a good target for premium buyers, based on its Schaeffer's Volatility Scorecard (SVS) of 93 out of 100. In other words, Rivian Automotive stock has regularly made bigger moves than options traders were pricing during the past 12 months.
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