Rivian Automotive, Inc. (NASDAQ:RIVN – Get Rating) was the target of some unusual options trading on Thursday. Stock investors purchased 126,528 call options on the stock. This is an increase of approximately 26% compared to the average daily volume of 100,709 call options.
Rivian Rising to the Challenge
A number of equities research analysts have weighed in on RIVN shares. BNP Paribas upgraded shares of Rivian Automotive from an “underperform” rating to a “neutral” rating and set a $26.00 price target for the company in a research report on Thursday, May 12th. Exane BNP Paribas upgraded shares of Rivian Automotive from an “underperform” rating to a “neutral” rating in a report on Thursday, May 12th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Rivian Automotive from $69.00 to $46.00 in a report on Monday, July 18th. Canaccord Genuity Group initiated coverage on shares of Rivian Automotive in a report on Wednesday, July 13th. They issued a “buy” rating and a $61.00 price objective for the company. Finally, Morgan Stanley dropped their price objective on shares of Rivian Automotive from $85.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, May 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of 65.89.
Insider Transactions at Rivian Automotive
In related news, CAO Jeff Baker sold 1,753 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of 37.27, for a total value of 65,334.31. Following the completion of the transaction, the chief accounting officer now directly owns 79,666 shares in the company, valued at approximately 2,969,151.82. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.34% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of RIVN. Coatue Management LLC acquired a new position in shares of Rivian Automotive during the 4th quarter worth about $3,652,616,000. BlackRock Inc. bought a new stake in shares of Rivian Automotive during the fourth quarter worth $3,195,595,000. Capital Research Global Investors acquired a new position in Rivian Automotive in the fourth quarter valued at approximately $2,562,520,000. Soros Fund Management LLC acquired a new stake in shares of Rivian Automotive during the fourth quarter worth $2,056,770,000. Finally, D1 Capital Partners L.P. acquired a new stake in shares of Rivian Automotive in the 4th quarter valued at approximately $1,616,629,000. Hedge funds and other institutional investors own 62.09% of the company’s stock.
Rivian Automotive Price Performance
Shares of RIVN traded up 2.29 during midday trading on Thursday, reaching 35.54. The stock had a trading volume of 899,948 shares, compared to its average volume of 18,413,975. The firm’s 50 day moving average price is 33.01 and its 200-day moving average price is 35.71. The company has a market capitalization of $32.56 billion and a P/E ratio of -1.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 8.97 and a quick ratio of 8.60. Rivian Automotive has a 52 week low of 19.25 and a 52 week high of 179.47.
Rivian Automotive Company Profile
Rivian Automotive, Inc designs, develops, manufactures, and sells electric vehicles and accessories. The company offers five-passenger pickup trucks and sports utility vehicles. It provides Rivian Commercial Vehicle platform for electric Delivery Van with collaboration with Amazon.com. The company sells its products directly to customers in the consumer and commercial markets.