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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was the recipient of unusually large options trading activity on Monday. Stock investors purchased 237,080 call options on the stock. This represents an increase of 40% compared to the typical volume of 169,320 call options.

Rivian Automotive Stock Performance

Shares of NASDAQ RIVN traded up $0.97 during trading hours on Monday, reaching $15.34. 55,926,380 shares of the stock were exchanged, compared to its average volume of 40,025,484. The firm has a market capitalization of $15.66 billion, a price-to-earnings ratio of -2.74 and a beta of 2.12. The company has a debt-to-equity ratio of 0.93, a quick ratio of 3.70 and a current ratio of 5.09. Rivian Automotive has a 52 week low of $8.26 and a 52 week high of $24.61. The stock's fifty day simple moving average is $11.18 and its 200 day simple moving average is $12.71.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RIVN. Truist Financial decreased their target price on shares of Rivian Automotive from $16.00 to $12.00 and set a "hold" rating for the company in a research report on Wednesday, October 16th. The Goldman Sachs Group lifted their price objective on shares of Rivian Automotive from $10.00 to $12.00 and gave the stock a "neutral" rating in a report on Thursday, November 14th. Piper Sandler decreased their price objective on shares of Rivian Automotive from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Friday, November 8th. Benchmark began coverage on shares of Rivian Automotive in a research note on Monday, December 9th. They set a "buy" rating and a $18.00 price objective on the stock. Finally, Wedbush reissued an "outperform" rating and set a $20.00 price objective on shares of Rivian Automotive in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Rivian Automotive currently has an average rating of "Hold" and a consensus price target of $15.83.

Insiders Place Their Bets

In related news, CFO Claire Mcdonough sold 3,210 shares of Rivian Automotive stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $10.03, for a total value of $32,196.30. Following the transaction, the chief financial officer now directly owns 378,498 shares of the company's stock, valued at $3,796,334.94. This trade represents a 0.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Robert J. Scaringe sold 83,333 shares of Rivian Automotive stock in a transaction that occurred on 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 in the company, valued at $10,319,162.64. This trade represents a 8.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 249,403 shares of company stock worth $3,013,489 over the last three months. Insiders own 2.51% of the company's stock.

Institutional Investors Weigh In On Rivian Automotive

Large investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rivian Automotive by 79.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 4,607,220 shares of the electric vehicle automaker's stock valued at $51,693,000 after purchasing an additional 2,035,831 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Rivian Automotive by 1,870.7% in the 3rd quarter. International Assets Investment Management LLC now owns 54,215 shares of the electric vehicle automaker's stock valued at $608,000 after purchasing an additional 51,464 shares in the last quarter. Mizuho Markets Americas LLC boosted its holdings in shares of Rivian Automotive by 30.7% in the 3rd quarter. Mizuho Markets Americas LLC now owns 531,568 shares of the electric vehicle automaker's stock valued at $5,964,000 after purchasing an additional 124,950 shares in the last quarter. Vontobel Holding Ltd. boosted its holdings in shares of Rivian Automotive by 543.8% in the 3rd quarter. Vontobel Holding Ltd. now owns 142,712 shares of the electric vehicle automaker's stock valued at $1,601,000 after purchasing an additional 120,544 shares in the last quarter. Finally, Renaissance Capital LLC boosted its holdings in shares of Rivian Automotive by 20.0% during the 3rd quarter. Renaissance Capital LLC now owns 887,551 shares of the electric vehicle automaker's stock valued at $9,958,000 after acquiring an additional 148,197 shares in the last quarter. Institutional investors and hedge funds own 66.25% of the company's stock.

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.