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

Rivian Automotive, Inc. (NASDAQ:RIVN) was the target of some unusual options trading activity on Friday. Investors purchased 266,152 call options on the stock. This represents an increase of approximately 35% compared to the average volume of 196,964 call options.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Mizuho boosted their price target on shares of Rivian Automotive from $11.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday. DA Davidson boosted their price target on shares of Rivian Automotive from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Friday, June 28th. Royal Bank of Canada upped their target price on shares of Rivian Automotive from $11.00 to $14.00 and gave the stock a “sector perform” rating in a research note on Monday, July 1st. Cantor Fitzgerald boosted their price target on shares of Rivian Automotive from $15.00 to $19.00 and gave the stock an “overweight” rating in a report on Wednesday, June 26th. Finally, JPMorgan Chase & Co. upped their target price on shares of Rivian Automotive from $10.00 to $14.00 and gave the company an “underweight” rating in a report on Wednesday, June 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.21.

Rivian Automotive Price Performance

Shares of RIVN traded up $1.57 during trading hours on Friday, reaching $18.33. The company had a trading volume of 45,885,246 shares, compared to its average volume of 44,159,910. The firm has a 50 day simple moving average of $11.79 and a 200-day simple moving average of $13.07. The company has a current ratio of 4.71, a quick ratio of 3.55 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $18.24 billion, a price-to-earnings ratio of -3.20 and a beta of 2.08. Rivian Automotive has a 12-month low of $8.26 and a 12-month high of $28.06.

Rivian Automotive (NASDAQ:RIVN) last issued its quarterly earnings data on Tuesday, May 7th. The electric vehicle automaker reported ($1.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.38) by ($0.03). The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.15 billion. Rivian Automotive had a negative net margin of 111.09% and a negative return on equity of 53.55%. Research analysts expect that Rivian Automotive will post -4.87 earnings per share for the current year.

Insider Activity

In other news, CEO Robert J. Scaringe sold 71,429 shares of Rivian Automotive stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $11.49, for a total value of $820,719.21. Following the sale, the chief executive officer now owns 909,691 shares in the company, valued at $10,452,349.59. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 214,287 shares of company stock worth $2,693,588 over the last 90 days. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rivian Automotive

A number of large investors have recently added to or reduced their stakes in the business. Bear Mountain Capital Inc. acquired a new stake in shares of Rivian Automotive in the fourth quarter worth approximately $26,000. Principal Securities Inc. purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $33,000. Arlington Trust Co LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $35,000. Fairman Group LLC purchased a new stake in shares of Rivian Automotive during the fourth quarter valued at approximately $36,000. Finally, Parkside Financial Bank & Trust grew its position in shares of Rivian Automotive by 86.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,689 shares of the electric vehicle automaker’s stock worth $40,000 after buying an additional 784 shares in the last quarter. 66.25% of the stock is 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.