Option traders moderately bearish in Rivian with shares down 3.5%

Option traders moderately bearish in Rivian (RIVN), with shares down 58c near $16.14. Options volume roughly in line with average with 44k contracts traded and calls leading puts for a put/call ratio of 0.22, compared to a typical level near 0.42. Implied volatility (IV30) is higher by 1.6 points near 74.04,in the top quartile of the past year, suggesting an expected daily move of $0.75. Put-call skew steepened, indicating increased demand for downside protection.Looking ahead: Rivian (RIVN) will report earnings after the close on 2026-04-30.Option markets are pricing in a 50% probability of a move greater than 11.88% or $1.92.