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

Rivian Automotive, Inc. (NASDAQ:RIVN) was the target of some unusual options trading on Thursday. Traders purchased 286,674 call options on the stock. This is an increase of 46% compared to the average volume of 196,702 call options.

Analyst Upgrades and Downgrades

RIVN has been the subject of several research analyst reports. Needham & Company LLC upped their price objective on shares of Rivian Automotive from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Cantor Fitzgerald downgraded shares of Rivian Automotive from an “overweight” rating to a “neutral” rating and upped their price target for the company from $13.00 to $15.00 in a report on Friday, February 21st. TD Cowen assumed coverage on shares of Rivian Automotive in a research report on Friday, March 7th. They set a “hold” rating and a $12.70 price objective for the company. Robert W. Baird reiterated a “neutral” rating and issued a $16.00 target price (down from $18.00) on shares of Rivian Automotive in a report on Wednesday, December 18th. Finally, UBS Group raised their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.38.

Rivian Automotive Stock Up 7.9 %

Shares of NASDAQ:RIVN traded up $0.95 during trading on Thursday, reaching $13.05. 57,156,396 shares of the company traded hands, compared to its average volume of 36,941,804. The firm has a fifty day simple moving average of $12.32 and a 200 day simple moving average of $12.14. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive has a 1-year low of $8.26 and a 1-year high of $18.86. The firm has a market cap of $14.76 billion, a P/E ratio of -2.77 and a beta of 2.03.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.06. Rivian Automotive had a negative net margin of 95.51% and a negative return on equity of 66.26%. The business had revenue of $1.73 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Analysts anticipate that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Insider Activity at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 6,856 shares of the firm’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $14.26, for a total value of $97,766.56. Following the sale, the chief financial officer now directly owns 335,076 shares in the company, valued at approximately $4,778,183.76. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Robert J. Scaringe sold 35,713 shares of Rivian Automotive stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $13.76, for a total transaction of $491,410.88. Following the completion of the sale, the chief executive officer now owns 863,361 shares in the company, valued at approximately $11,879,847.36. This represents a 3.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 185,427 shares of company stock valued at $2,588,475. Corporate insiders own 2.51% of the company’s stock.

Institutional Trading of Rivian Automotive

Hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC boosted its stake in Rivian Automotive by 59.1% during the third quarter. Empowered Funds LLC now owns 18,466 shares of the electric vehicle automaker’s stock worth $207,000 after buying an additional 6,860 shares in the last quarter. Quest Partners LLC lifted its holdings in shares of Rivian Automotive by 109.0% during the 3rd quarter. Quest Partners LLC now owns 13,945 shares of the electric vehicle automaker’s stock worth $156,000 after acquiring an additional 7,273 shares during the period. Pathstone Holdings LLC boosted its position in shares of Rivian Automotive by 8.4% during the 3rd quarter. Pathstone Holdings LLC now owns 118,237 shares of the electric vehicle automaker’s stock valued at $1,327,000 after acquiring an additional 9,187 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Rivian Automotive in the third quarter valued at about $570,000. Finally, Advisors Asset Management Inc. raised its position in Rivian Automotive by 19.1% in the third quarter. Advisors Asset Management Inc. now owns 41,207 shares of the electric vehicle automaker’s stock worth $462,000 after purchasing an additional 6,620 shares in the last quarter. Institutional investors 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.