In the latest trading session, Rivian Automotive (RIVN) closed at $15.53, marking a -2.11% move from the previous day. The stock trailed the S&P 500, which registered a daily loss of 0.45%. Elsewhere, the Dow lost 0.63%, while the tech-heavy Nasdaq lost 0.78%.
Shares of the a manufacturer of motor vehicles and passenger cars witnessed a gain of 6.66% over the previous month, beating the performance of the Auto-Tires-Trucks sector with its gain of 1.61%, and the S&P 500’s loss of 1.99%.
The investment community will be closely monitoring the performance of Rivian Automotive in its forthcoming earnings report. The company is expected to report EPS of -$0.67, up 4.29% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $1.94 billion, up 24.45% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$2.27 per share and a revenue of $7.29 billion, signifying shifts of +7.35% and +35.31%, respectively, from the last year.
Investors should also take note of any recent adjustments to analyst estimates for Rivian Automotive. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To exploit this, we’ve formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Right now, Rivian Automotive possesses a Zacks Rank of #3 (Hold).
The Automotive – Domestic industry is part of the Auto-Tires-Trucks sector. With its current Zacks Industry Rank of 46, this industry ranks in the top 19% of all industries, numbering over 250.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
