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

Rivian Automotive, Inc. (NASDAQ:RIVN) saw some unusual options trading on Monday. Stock investors acquired 237,080 call options on the stock. This represents an increase of 40% compared to the typical volume of 169,320 call options.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RIVN. Royal Bank of Canada decreased their price objective on shares of Rivian Automotive from $14.00 to $12.00 and set a “sector perform” rating for the company in a research report on Friday, November 8th. Stifel Nicolaus reduced their price target on shares of Rivian Automotive from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, November 11th. JPMorgan Chase & Co. dropped their target price on Rivian Automotive from $14.00 to $12.00 and set an “underweight” rating on the stock in a report on Tuesday, October 22nd. Wells Fargo & Company decreased their price target on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 15th. Finally, Morgan Stanley cut Rivian Automotive from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $16.00 to $13.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Rivian Automotive has an average rating of “Hold” and an average target price of $15.83.

Rivian Automotive Stock Performance

RIVN traded up $0.97 on Monday, reaching $15.34. The company had a trading volume of 38,766,014 shares, compared to its average volume of 39,951,563. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. The stock has a market cap of $15.66 billion, a P/E ratio of -2.71 and a beta of 2.12. Rivian Automotive has a fifty-two week low of $8.26 and a fifty-two week high of $24.61. The company’s fifty day moving average is $11.08 and its 200 day moving average is $12.68.

Insider Buying and Selling at Rivian Automotive

In other Rivian Automotive news, CFO Claire Mcdonough sold 8,097 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the completion of the transaction, the chief financial officer now directly owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Robert J. Scaringe sold 83,333 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $11.64, for a total transaction of $969,996.12. Following the completion of the transaction, the chief executive officer now directly owns 886,526 shares of the company’s stock, valued at approximately $10,319,162.64. The trade was a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 177,974 shares of company stock worth $2,038,483. Insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Rivian Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. increased its position in 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 valued at $492,000 after acquiring an additional 604 shares during the period. First Horizon Advisors Inc. increased its position in 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 valued at $38,000 after acquiring an additional 670 shares during the period. Certuity LLC increased its position in shares of Rivian Automotive by 8.1% during the second quarter. Certuity LLC now owns 10,831 shares of the electric vehicle automaker’s stock worth $145,000 after buying an additional 815 shares during the period. Blue Trust Inc. increased its position in shares of Rivian Automotive by 39.0% during the second quarter. Blue Trust Inc. now owns 3,230 shares of the electric vehicle automaker’s stock worth $43,000 after buying an additional 907 shares during the period. Finally, John G Ullman & Associates Inc. increased its position in shares of Rivian Automotive by 9.1% during the third quarter. John G Ullman & Associates Inc. now owns 12,000 shares of the electric vehicle automaker’s stock worth $135,000 after buying an additional 1,000 shares during the period. 66.25% of the stock is currently owned by institutional investors and hedge funds.

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.