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

Rivian Automotive, Inc. (NASDAQ:RIVN) was the target of some unusual options trading activity on Thursday. Stock traders acquired 237,951 call options on the company. This represents an increase of approximately 51% compared to the average volume of 158,013 call options.

Rivian Automotive Price Performance

Rivian Automotive stock opened at $12.23 on Friday. The business has a 50 day simple moving average of $10.66 and a 200 day simple moving average of $12.44. Rivian Automotive has a one year low of $8.26 and a one year high of $24.61. The company has a market capitalization of $12.48 billion, a PE ratio of -2.18 and a beta of 2.04. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Analyst Ratings Changes

Several brokerages recently commented on RIVN. Morgan Stanley downgraded shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $16.00 to $13.00 in a report on Wednesday, September 25th. Bank of America lowered Rivian Automotive from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $20.00 to $13.00 in a research note on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating and set a $19.00 target price on shares of Rivian Automotive in a research note on Monday, September 30th. Mizuho dropped their price target on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating on the stock in a research report on Monday, November 4th. Finally, Wells Fargo & Company reduced their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 15th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Rivian Automotive currently has an average rating of “Hold” and an average target price of $15.73.

Insider Activity

In other news, CFO Claire Mcdonough sold 8,097 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $12.20, for a total transaction of $98,783.40. Following the transaction, the chief financial officer now owns 370,401 shares of the company’s stock, valued at approximately $4,518,892.20. This represents a 2.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Robert J. Scaringe sold 83,334 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the completion of the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 261,307 shares of company stock worth $3,178,479. 2.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. lifted its holdings in Rivian Automotive by 1.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock valued at $492,000 after purchasing an additional 604 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Rivian Automotive by 30.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 2,852 shares of the electric vehicle automaker’s stock worth $38,000 after acquiring an additional 670 shares in the last quarter. GAMMA Investing LLC grew its position in Rivian Automotive by 28.0% during the 2nd quarter. GAMMA Investing LLC now owns 3,470 shares of the electric vehicle automaker’s stock worth $47,000 after acquiring an additional 760 shares during the last quarter. Certuity LLC increased its holdings in Rivian Automotive by 8.1% during the 2nd quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock valued at $145,000 after purchasing an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC increased its holdings in Rivian Automotive by 8.9% during the 2nd quarter. Sanders Morris Harris LLC now owns 10,105 shares of the electric vehicle automaker’s stock valued at $136,000 after purchasing an additional 823 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company’s stock.

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.