Electric vehicle startup Rivian Automotive Inc (NASDAQ:RIVN) made its highly anticipated public debut last month. Now that the time has come for the Amazon.com Inc (NASDAQ:AMZN)-backed EV company to announce its quarterly financial results, some traders are betting against the name.

"There's speculative put buying all the way down to the $85 strike," Market Rebellion co-founder Jon Najarian said Thursday on CNBC's "Fast Money Halftime Report."

Najarian doesn't like seeing put buying that far below where the stock is trading. As a result, he exited his position ahead of earnings after today's closing bell.

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Rivian is currently trading around the $110 level. It's down about 5% today, but Najarian said it could be because of the plant the company plans to build in Georgia. Reports suggest Rivian is going to build a $5 billion battery and assembly plant near Atlanta.

He plans to hold the stock through earnings until speculative put buying surged.

"I wanted to hold it ... but I decided there is too much put activity for me to hold," Najarian said.

Investors will be looking for updates on vehicle production, pre-orders and deliveries. 

Photo: courtesy of Rivian.