Spotlight on Rivian Automotive: Analyzing the Surge in Options Activity

Author: Benzinga Insights | June 27, 2024 11:19am

Whales with a lot of money to spend have taken a noticeably bullish stance on Rivian Automotive.

Looking at options history for Rivian Automotive (NASDAQ:RIVN) we detected 9 trades.

If we consider the specifics of each trade, it is accurate to state that 44% of the investors opened trades with bullish expectations and 44% with bearish.

From the overall spotted trades, 4 are puts, for a total amount of $193,126 and 5, calls, for a total amount of $340,091.

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $7.5 to $15.0 for Rivian Automotive over the last 3 months.

Insights into Volume & Open Interest

Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Rivian Automotive's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Rivian Automotive's significant trades, within a strike price range of $7.5 to $15.0, over the past month.

Rivian Automotive Call and Put Volume: 30-Day Overview

Biggest Options Spotted:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
RIVN	CALL	TRADE	BULLISH	07/19/24	$0.6	$0.55	$0.58	$15.00	$145.0K	19.2K	5.3K
RIVN	CALL	SWEEP	BEARISH	08/16/24	$2.39	$2.36	$2.36	$12.50	$70.8K	21.3K	1.2K
RIVN	CALL	SWEEP	BEARISH	08/16/24	$2.41	$2.39	$2.39	$12.50	$66.6K	21.3K	853
RIVN	PUT	SWEEP	BEARISH	09/20/24	$2.71	$2.69	$2.71	$15.00	$63.1K	9.3K	134
RIVN	PUT	SWEEP	NEUTRAL	06/28/24	$0.68	$0.68	$0.68	$14.00	$48.9K	9.2K	1.2K

About Rivian Automotive

Rivian Automotive Inc designs, develops, and manufactures category-defining electric vehicles and accessories. In the consumer market, the company launched the R1 platform with the first generation of consumer vehicles: the R1T, a two-row, five-passenger pickup truck, and the R1S, a three-row, seven-passenger sport utility vehicle (SUV).

Current Position of Rivian Automotive

• With a volume of 36,628,290, the price of RIVN is down -6.72% at $13.75.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 40 days.

Expert Opinions on Rivian Automotive

In the last month, 5 experts released ratings on this stock with an average target price of $16.0.

• In a cautious move, an analyst from Cantor Fitzgerald downgraded its rating to Overweight, setting a price target of $15.
• An analyst from Guggenheim downgraded its action to Buy with a price target of $18.
• An analyst from Truist Securities has decided to maintain their Hold rating on Rivian Automotive, which currently sits at a price target of $13.
• Maintaining their stance, an analyst from Morgan Stanley continues to hold a Overweight rating for Rivian Automotive, targeting a price of $13.
• An analyst from Piper Sandler has decided to maintain their Overweight rating on Rivian Automotive, which currently sits at a price target of $21.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Rivian Automotive with Benzinga Pro for real-time alerts.

Posted In: RIVN