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 on Thursday. Traders acquired 177,435 call options on the stock. This is an increase of approximately 33% compared to the typical daily volume of 133,425 call options.

Insiders Place Their Bets

In other news, CEO Robert J. Scaringe sold 107,144 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $15.25, for a total transaction of $1,633,946.00. Following the transaction, the chief executive officer owned 1,483,111 shares of the company's stock, valued at $22,617,442.75. This represents a 6.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Claire Mcdonough sold 17,185 shares of the company's stock in a transaction 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 directly owned 824,875 shares in the company, valued at $12,694,826.25. This represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 241,407 shares of company stock worth $3,553,883 in the last ninety days. Insiders own 2.16% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in shares of Rivian Automotive by 7.8% in the 1st quarter. Vanguard Group Inc. now owns 77,092,693 shares of the electric vehicle automaker's stock worth $959,804,000 after purchasing an additional 5,610,688 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Rivian Automotive by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after purchasing an additional 227,168 shares in the last quarter. Capital International Investors bought a new stake in shares of Rivian Automotive in the 4th quarter worth $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive in the 4th quarter worth $123,308,000. Finally, Soma Equity Partners LP increased its holdings in shares of Rivian Automotive by 19.9% in the 4th quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock worth $112,865,000 after purchasing an additional 1,407,772 shares in the last quarter. Hedge funds and other institutional investors own 66.25% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on RIVN shares. JPMorgan Chase & Co. dropped their price objective on Rivian Automotive from $11.00 to $10.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. The Goldman Sachs Group decreased their target price on Rivian Automotive from $14.00 to $12.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Wells Fargo & Company decreased their target price on Rivian Automotive from $14.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Jefferies Financial Group restated a "hold" rating and issued a $16.00 target price on shares of Rivian Automotive in a research note on Wednesday, May 14th. Finally, Mizuho upped their target price on Rivian Automotive from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Friday, May 16th. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $14.38.

Rivian Automotive Stock Up 4.8%

Shares of RIVN traded up $0.60 on Thursday, reaching $12.99. The stock had a trading volume of 41,285,951 shares, compared to its average volume of 32,782,522. The firm has a market capitalization of $14.68 billion, a price-to-earnings ratio of -3.49 and a beta of 1.81. The company has a debt-to-equity ratio of 0.71, a quick ratio of 2.80 and a current ratio of 3.73. The company has a 50-day simple moving average of $14.15 and a 200-day simple moving average of $13.09. Rivian Automotive has a 12-month low of $9.50 and a 12-month high of $18.49.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its earnings results on Tuesday, May 6th. The electric vehicle automaker reported ($0.57) EPS for the quarter, beating analysts' consensus estimates of ($0.80) by $0.23. The company had revenue of $1.24 billion during the quarter, compared to analysts' expectations of $981.52 million. Rivian Automotive had a negative return on equity of 60.64% and a negative net margin of 76.83%. The firm's revenue for the quarter was up 3.0% compared to the same quarter last year. During the same quarter last year, the business posted ($1.48) EPS. Sell-side analysts predict that Rivian Automotive will post -3.2 EPS for the current year.

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.

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