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

Rivian Automotive, Inc. (NASDAQ:RIVN) saw unusually large options trading activity on Friday. Stock traders purchased 251,557 call options on the company. This represents an increase of 32% compared to the average volume of 190,193 call options.

Rivian Automotive Price Performance

Shares of RIVN stock traded down $0.23 during midday trading on Friday, reaching $14.21. 64,966,337 shares of the company traded hands, compared to its average volume of 45,119,617. The firm’s 50 day simple moving average is $12.89 and its two-hundred day simple moving average is $13.07. The firm has a market cap of $14.50 billion, a PE ratio of -2.54 and a beta of 2.05. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.85. The company has a debt-to-equity ratio of 0.93, a current ratio of 5.09 and a quick ratio of 3.70.

Insiders Place Their Bets

In other news, CFO Claire Mcdonough sold 18,501 shares of Rivian Automotive stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $15.00, for a total value of $277,515.00. Following the completion of the transaction, the chief financial officer now owns 351,900 shares in the company, valued at approximately $5,278,500. This trade represents a 4.99 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert J. Scaringe sold 71,429 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $16.17, for a total transaction of $1,155,006.93. Following the sale, the chief executive officer now owns 863,361 shares in the company, valued at $13,960,547.37. The trade was a 7.64 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,429 shares of company stock worth $4,467,450 in the last ninety days. 2.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Acadian Asset Management LLC acquired a new position in Rivian Automotive during the second quarter worth about $258,000. American Century Companies Inc. raised its position in shares of Rivian Automotive by 4.1% during the 2nd quarter. American Century Companies Inc. now owns 154,336 shares of the electric vehicle automaker’s stock worth $2,071,000 after purchasing an additional 6,105 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Rivian Automotive by 20.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 172,063 shares of the electric vehicle automaker’s stock worth $2,309,000 after purchasing an additional 29,218 shares during the last quarter. Moors & Cabot Inc. lifted its stake in Rivian Automotive by 30.7% in the 2nd quarter. Moors & Cabot Inc. now owns 17,945 shares of the electric vehicle automaker’s stock valued at $241,000 after buying an additional 4,220 shares in the last quarter. Finally, Edgestream Partners L.P. purchased a new position in Rivian Automotive during the second quarter worth $1,145,000. Institutional investors and hedge funds own 66.25% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the subject of several recent analyst reports. Wells Fargo & Company decreased their price objective on shares of 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. The Goldman Sachs Group lifted their price target on Rivian Automotive from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, November 14th. Truist Financial increased their price objective on Rivian Automotive from $12.00 to $14.00 and gave the company a “hold” rating in a report on Thursday. Mizuho decreased their target price on Rivian Automotive from $15.00 to $12.00 and set a “neutral” rating for the company in a research note on Monday, November 4th. Finally, Bank of America downgraded Rivian Automotive from a “buy” rating to a “neutral” rating and lowered their price target for the company from $20.00 to $13.00 in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Rivian Automotive currently has a consensus rating of “Hold” and an average target price of $15.48.

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.