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

Rivian Automotive, Inc. (NASDAQ:RIVN - Get Free Report) was the recipient of unusually large options trading activity on Thursday. Investors purchased 286,674 call options on the company. This is an increase of 46% compared to the average volume of 196,702 call options.

Insider Transactions at Rivian Automotive

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

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Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in RIVN. Geode Capital Management LLC boosted its holdings in Rivian Automotive by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 13,227,560 shares of the electric vehicle automaker's stock worth $175,639,000 after purchasing an additional 227,168 shares during the last quarter. Capital International Investors purchased a new position in shares of Rivian Automotive in the 4th quarter worth $144,030,000. Norges Bank bought a new stake in shares of Rivian Automotive in the fourth quarter worth $123,308,000. Soma Equity Partners LP lifted its holdings in Rivian Automotive by 19.9% in the fourth quarter. Soma Equity Partners LP now owns 8,486,109 shares of the electric vehicle automaker's stock valued at $112,865,000 after acquiring an additional 1,407,772 shares during the period. Finally, Northern Trust Corp boosted its position in Rivian Automotive by 68.5% in the fourth quarter. Northern Trust Corp now owns 7,238,696 shares of the electric vehicle automaker's stock worth $96,275,000 after purchasing an additional 2,941,928 shares during the last quarter. 66.25% of the stock is owned by hedge funds and other institutional investors.

Rivian Automotive Stock Down 4.7 %

RIVN traded down $0.61 during trading on Friday, hitting $12.41. 35,888,898 shares of the company's stock traded hands, compared to its average volume of 37,127,458. The stock has a market capitalization of $14.03 billion, a price-to-earnings ratio of -2.63 and a beta of 2.03. The company's 50 day simple moving average is $12.26 and its two-hundred day simple moving average is $12.12. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $18.86. The company has a current ratio of 5.09, a quick ratio of 3.70 and a debt-to-equity ratio of 0.93.

Rivian Automotive (NASDAQ:RIVN - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The electric vehicle automaker reported ($0.63) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.06. Rivian Automotive had a negative return on equity of 66.26% and a negative net margin of 95.51%. The company had revenue of $1.73 billion for the quarter, compared to analysts' expectations of $1.43 billion. Analysts predict that Rivian Automotive will post -3.2 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Truist Financial lifted their target price on shares of Rivian Automotive from $12.00 to $14.00 and gave the stock a "hold" rating in a research note on Thursday, January 16th. Guggenheim decreased their price objective 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, February 24th. Barclays increased their target price on shares of Rivian Automotive from $13.00 to $14.00 and gave the stock an "equal weight" rating in a report on Wednesday, January 22nd. Piper Sandler lowered Rivian Automotive from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $19.00 to $13.00 in a research report on Thursday, March 20th. Finally, Wells Fargo & Company lifted their price objective on Rivian Automotive from $11.00 to $14.00 and gave the stock an "equal weight" rating in a research report on Friday, February 21st. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $14.38.

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.