In the latest close session, Rivian Automotive (RIVN) was down 3.65% at $13.46. This change lagged the S&P 500's daily loss of 0.05%. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, added 0.45%.
Prior to today's trading, shares of the a manufacturer of motor vehicles and passenger cars had gained 15.84% outpaced the Auto-Tires-Trucks sector's gain of 7.72% and the S&P 500's gain of 3.44%.
Investors will be eagerly watching for the performance of Rivian Automotive in its upcoming earnings disclosure. In that report, analysts expect Rivian Automotive to post earnings of -$0.73 per share. This would mark year-over-year growth of 29.13%. At the same time, our most recent consensus estimate is projecting a revenue of $1.47 billion, reflecting a 68.08% rise from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$2.73 per share and a revenue of $5.3 billion, representing changes of +32.43% and +6.59%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Rivian Automotive. These latest adjustments often mirror the shifting dynamics of short-term business patterns. 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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Rivian Automotive is currently sporting a Zacks Rank of #4 (Sell).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. Currently, this industry holds a Zacks Industry Rank of 166, positioning it in the bottom 33% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Rivian Automotive, Inc. (RIVN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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