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

Key Points

• Traders bought an unusually large number of calls—207,786 call options on RIVN on Monday, about a 39% increase versus typical daily call volume, indicating heightened bullish speculation.
• CEO Robert J. Scaringe sold 52,350 shares at an average $16.60 (a ~4.03% reduction in his stake); insiders have sold 104,700 shares in the past 90 days and now own 2.16% of the company.
• Analysts are mixed: the stock carries a consensus "Hold" rating with a $14.34 price target, which is below Monday's share price of $17.29.

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was the target of unusually large options trading on Monday. Stock investors bought 207,786 call options on the stock. This is an increase of approximately 39% compared to the typical daily volume of 149,235 call options.

Rivian Automotive Stock Performance

Shares of RIVN traded up $0.43 during trading hours on Monday, hitting $17.29. The company had a trading volume of 30,843,072 shares, compared to its average volume of 38,287,457. The business has a fifty day moving average of $14.45 and a 200-day moving average of $13.93. The company has a quick ratio of 2.23, a current ratio of 2.71 and a debt-to-equity ratio of 0.87. The firm has a market cap of $21.20 billion, a price-to-earnings ratio of -5.57 and a beta of 1.79. Rivian Automotive has a 12 month low of $10.36 and a 12 month high of $18.13.

Insiders Place Their Bets

In other Rivian Automotive news, CEO Robert J. Scaringe sold 52,350 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $16.60, for a total value of $869,010.00. Following the completion of the sale, the chief executive officer directly owned 1,246,405 shares in the company, valued at $20,690,323. This represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 104,700 shares of company stock worth $1,621,280 in the last 90 days. Insiders own 2.16% of the company's stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in the company. CIBC Private Wealth Group LLC lifted its stake in shares of Rivian Automotive by 47.7% in the third quarter. CIBC Private Wealth Group LLC now owns 22,018 shares of the electric vehicle automaker's stock valued at $323,000 after buying an additional 7,115 shares in the last quarter. Centaurus Financial Inc. acquired a new stake in shares of Rivian Automotive in the 3rd quarter worth about $110,000. Coldstream Capital Management Inc. lifted its position in Rivian Automotive by 128.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 123,865 shares of the electric vehicle automaker's stock valued at $1,818,000 after acquiring an additional 69,754 shares in the last quarter. Danske Bank A S bought a new position in Rivian Automotive in the 3rd quarter valued at about $6,587,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Rivian Automotive during the 3rd quarter valued at about $39,000. Institutional investors and hedge funds own 66.25% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on RIVN. Weiss Ratings restated a "sell (d-)" rating on shares of Rivian Automotive in a report on Wednesday, October 8th. The Goldman Sachs Group lowered their target price on Rivian Automotive from $15.00 to $13.00 and set a "neutral" rating on the stock in a research report on Wednesday, November 5th. Stifel Nicolaus upped their target price on Rivian Automotive from $16.00 to $17.00 and gave the stock a "buy" rating in a report on Monday, November 17th. Tigress Financial raised their price target on Rivian Automotive from $21.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, November 14th. Finally, UBS Group upped their price objective on Rivian Automotive from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Monday, October 6th. Six equities research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $14.34.

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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