Investors Buy Large Volume of Call Options on Rivian Automotive (NASDAQ:RIVN)

Rivian Automotive, Inc. (NASDAQ:RIVN) saw unusually large options trading on Thursday. Stock traders bought 237,951 call options on the company. This represents an increase of 51% compared to the average volume of 158,013 call options.

Rivian Automotive Trading Up 5.8 %

Shares of NASDAQ RIVN opened at $12.22 on Thursday. The company has a market cap of $12.47 billion, a price-to-earnings ratio of -2.18 and a beta of 2.04. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $24.61. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93. The stock’s 50 day simple moving average is $10.69 and its 200 day simple moving average is $12.45.

Insider Activity

In other news, CEO Robert J. Scaringe sold 83,334 shares of the stock in a transaction dated 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 in the company, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Claire Mcdonough sold 3,210 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the completion of the sale, the chief financial officer now owns 378,498 shares of the company’s stock, valued at approximately $3,796,334.94. This trade represents a 0.84 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,210 shares of company stock worth $3,079,695. 2.51% of the stock is currently owned by corporate insiders.

Institutional Trading of Rivian Automotive

Several hedge funds have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its holdings in shares of Rivian Automotive by 1.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 36,684 shares of the electric vehicle automaker’s stock worth $492,000 after purchasing an additional 604 shares during the last quarter. First Horizon Advisors Inc. lifted 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 purchasing an additional 670 shares during the last quarter. GAMMA Investing LLC raised its stake 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 valued at $47,000 after acquiring an additional 760 shares in the last quarter. Certuity LLC raised its stake 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 acquiring an additional 815 shares in the last quarter. Finally, Sanders Morris Harris LLC raised its stake 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 acquiring an additional 823 shares in the last quarter. Institutional investors own 66.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on RIVN shares. Morgan Stanley lowered Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $16.00 to $13.00 in a research note on Wednesday, September 25th. Royal Bank of Canada lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research note on Friday, November 8th. JPMorgan Chase & Co. lowered their price objective on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating for the company in a research note on Tuesday, October 22nd. Guggenheim lowered their price objective on Rivian Automotive from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $14.00 price objective on shares of Rivian Automotive in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.73.

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.