{"id":34208,"date":"2023-07-11T12:24:29","date_gmt":"2023-07-11T16:24:29","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/rivian-options-buyers-may-be-helping-drive-stock-higher\/"},"modified":"2023-07-11T12:24:30","modified_gmt":"2023-07-11T16:24:30","slug":"rivian-options-buyers-may-be-helping-drive-stock-higher","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=34208","title":{"rendered":"Rivian options buyers may be helping drive stock higher"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: The Rivian name and logo are shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. REUTERS\/Mike Blake\/File Photo<\/span>
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By Saqib Iqbal Ahmed<\/p>\n

NEW YORK (Reuters) – Investors are piling into bullish options bets on the shares of Rivian Automotive, with some market participants saying the buying has helped the electric vehicle (EV) maker’s stock notch a record nine-day winning streak.<\/p>\n

Rivian shares, which took off last week after the company reported better-than-expected quarterly vehicle deliveries, have risen 83% over the last eight trading sessions. Some 831,000 Rivian options contracts traded on Monday, or two times its average daily volume.<\/p>\n

Much of the options trading has consisted of investors buying “super short-dated calls,” said Daniel Kirsch, head of options at Piper Sandler, adding that the options activity had helped drive Rivian’s shares higher.<\/p>\n

Large purchases of out-of-the-money call options – contracts that are not profitable but stand to gain in value as the stock climbs – can sometimes give an additional lift to a stock’s price.<\/p>\n

Such a phenomenon – sometimes called a gamma squeeze – occurs when market makers who sold the call options hedge their risk by buying the underlying stock, helping push the share price higher as a result. The phenomenon has occurred with shares of various companies popular with options buyers over the last few years, from AMC to Tesla (NASDAQ:).<\/p>\n

“It reminds me a lot of what people would do with Tesla when it was going up every day … buying the shortest dated out-of-the money calls and trying to get it to ramp higher,” Kirsch said, noting that Rivian’s options trading was driven by a mix of retail and institutional players.<\/p>\n

Rivian was the third most heavily traded individual company in the U.S. options market on Monday, behind much larger companies Tesla and Apple Inc (NASDAQ:), with about 42% of the trading volume in contracts set to expire on Friday.<\/p>\n

Options on another EV name, Nio (NYSE:) Inc, were also actively traded on Monday, making it the 10th most heavily traded individual company in the options market.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: The Rivian name and logo are shown on one of their new electric SUV vehicles in San Diego, U.S., December 16, 2022. REUTERS\/Mike Blake\/File Photo By Saqib Iqbal Ahmed NEW YORK (Reuters) – Investors are piling into bullish options bets on the shares of Rivian Automotive, with some market participants saying […]<\/p>\n","protected":false},"author":1,"featured_media":34209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-34208","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nRivian options buyers may be helping drive stock higher | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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