Rivian Automotive Target of Unusually High Options Trading (NASDAQ:RIVN)

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was the target of unusually large options trading activity on Tuesday. Stock traders bought 217,608 call options on the company. This represents an increase of 38% compared to the typical daily volume of 158,013 call options.

Rivian Automotive Trading Up 4.9%

Shares of RIVN stock traded up $0.79 during mid-day trading on Tuesday, hitting $17.08. The company's stock had a trading volume of 42,095,563 shares, compared to its average volume of 36,149,389. The company has a market cap of $19.32 billion, a PE ratio of -3.61 and a beta of 1.86. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The company's fifty day simple moving average is $12.49 and its 200-day simple moving average is $12.57. Rivian Automotive has a 52 week low of $9.50 and a 52 week high of $18.86.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The firm had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. As a group, equities research analysts expect that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Rivian Automotive news, CEO Robert J. Scaringe sold 107,144 shares of Rivian Automotive stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $15.25, for a total value of $1,633,946.00. Following the completion of the sale, the chief executive officer now directly owns 1,483,111 shares in the company, valued at $22,617,442.75. The trade was a 6.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.39, for a total value of $264,477.15. Following the transaction, the chief financial officer now owns 824,875 shares in the company, valued at approximately $12,694,826.25. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 391,121 shares of company stock worth $5,299,517 in the last ninety days. 2.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Tandem Financial LLC purchased a new position in Rivian Automotive in the fourth quarter worth $25,000. PFS Partners LLC lifted its holdings in shares of Rivian Automotive by 1,882.0% in the 1st quarter. PFS Partners LLC now owns 1,982 shares of the electric vehicle automaker's stock worth $25,000 after acquiring an additional 1,882 shares during the last quarter. Bank of Jackson Hole Trust purchased a new stake in shares of Rivian Automotive in the 4th quarter valued at $27,000. Banque Transatlantique SA grew its holdings in shares of Rivian Automotive by 13,194.1% during the 1st quarter. Banque Transatlantique SA now owns 2,260 shares of the electric vehicle automaker's stock valued at $26,000 after purchasing an additional 2,243 shares during the last quarter. Finally, Orion Capital Management LLC purchased a new position in Rivian Automotive in the 4th quarter worth $34,000. 66.25% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RIVN. Robert W. Baird decreased their price target on Rivian Automotive from $16.00 to $14.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. Benchmark reissued a "buy" rating and issued a $18.00 target price on shares of Rivian Automotive in a research note on Tuesday, March 18th. Cantor Fitzgerald reissued a "neutral" rating and issued a $15.00 target price on shares of Rivian Automotive in a research report on Wednesday, May 7th. Cowen started coverage on Rivian Automotive in a research note on Thursday, March 6th. They issued a "hold" rating for the company. Finally, Needham & Company LLC lowered their price objective on shares of Rivian Automotive from $17.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Three investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive has an average rating of "Hold" and an average price target of $14.24.

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.

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