In the latest close session, Rivian Automotive (RIVN) was down 1.09% at $20.90. The stock trailed the S&P 500, which registered a daily loss of 0.03%. At the same time, the Dow lost 0.04%, and the tech-heavy Nasdaq lost 0.09%.
Coming into today, shares of the a manufacturer of motor vehicles and passenger cars had gained 30.59% in the past month. In that same time, the Auto-Tires-Trucks sector gained 12.09%, while the S&P 500 gained 2.57%.
Market participants will be closely following the financial results of Rivian Automotive in its upcoming release. The company's upcoming EPS is projected at -$0.68, signifying a 30.77% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $1.26 billion, indicating a 27.52% downward movement from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$2.59 per share and revenue of $5.37 billion. These totals would mark changes of +35.89% and +8.02%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Rivian Automotive. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.61% increase. Right now, Rivian Automotive possesses a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. Currently, this industry holds a Zacks Industry Rank of 76, positioning it in the top 31% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming 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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