A sizable block trade in Rivian Automotive Inc. Class A stock occurred in the afternoon trading session on Thursday when 6.49 million shares were executed at a price of $18.77 per share, resulting in a total notional amount of $121.9 million. The transaction was recorded at 2:46 p.m. New York time.
That block represented roughly 0.7% of Rivian's publicly available float and changed hands at a 4.4% premium to the market's opening price. Over the course of the trading day Rivian's shares appreciated, finishing the session up 8.4%.
Volume metrics around the time of the block trade showed elevated activity. By the moment the block was executed, cumulative trading volume for the session had reached 65.6 million shares. For the same time of day, the 20-day average trading volume stood at 20.6 million shares, making the session's activity markedly higher than typical. The single block trade itself accounted for 21% of the 20-day average volume.
Market data models referenced in session commentary projected additional activity for the remainder of the day. A Bloomberg model indicated that volume could approach 77.9 million shares by the close of trading.
Earlier in the trading day, measures of options market activity showed implied volatility moving higher, and overall trading activity in the stock increased. Over the prior two-week period there had been one other signal of rising implied volatility.
Clear summary
A block trade of 6.49 million Rivian Class A shares was executed at $18.77 per share at 2:46 p.m. New York time on Thursday, producing $121.9 million in market value. The transaction equaled 0.7% of the company’s float and was 4.4% above the opening price. Trading volume by that point had reached 65.6 million shares versus a 20-day average of 20.6 million for the same time of day, and the block comprised 21% of the 20-day average volume. Implied volatility and trading activity rose earlier in the day, and a Bloomberg model projected end-of-day volume of 77.9 million shares. Over the preceding two weeks there was one other indication of rising implied volatility.
Key points
- The executed block totaled 6.49 million shares at $18.77 per share, equal to $121.9 million in market value.
- The trade represented 0.7% of Rivian's float, was executed at a 4.4% premium to the opening price, and coincided with an 8.4% intraday gain for the stock.
- Trading volume was elevated: 65.6 million shares had traded by the time of the block versus a 20-day average of 20.6 million for that time of day, and the block accounted for 21% of the 20-day average volume. A model projected total volume of 77.9 million shares by the end of the day.
Sectors impacted
- Automotive - specifically electric vehicle-related equities tied to Rivian's stock movements.
- Equities and trading markets, given the elevated intraday volume and block trade activity.
Risks and uncertainties
- Implied volatility rose earlier in the session, indicating increased option-market uncertainty that can affect pricing and hedging costs for market participants - this impacts derivatives and equity trading desks.
- Intraday trading volume was materially higher than the 20-day average for the same time of day, introducing execution and price-impact risk for large orders in the stock market.
- The Bloomberg model projection that volume would reach 77.9 million shares by the end of the day is a forecast and not a reported outcome; final volume could differ from that estimate, which affects assessments of liquidity for the remainder of the session.
Context limitations
The report reflects trading details observed on Thursday and notes elevated implied volatility and a prior two-week signal of rising implied volatility. It does not provide causal explanations for the price move, participant identities in the block trade, or subsequent end-of-day outcomes beyond the volume projection referenced.