The Auto-Tires-Trucks group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has Rivian Automotive (RIVN) been one of those stocks this year? By taking a look at the stock's year-to-date performance in comparison to its Auto-Tires-Trucks peers, we might be able to answer that question.
Rivian Automotive is a member of the Auto-Tires-Trucks sector. This group includes 103 individual stocks and currently holds a Zacks Sector Rank of #14. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Rivian Automotive is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for RIVN's full-year earnings has moved 8.4% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that RIVN has returned about 19.6% since the start of the calendar year. Meanwhile, stocks in the Auto-Tires-Trucks group have lost about 10.5% on average. This means that Rivian Automotive is performing better than its sector in terms of year-to-date returns.
Xos, Inc. (XOS) is another Auto-Tires-Trucks stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 2.5%.
For Xos, Inc. the consensus EPS estimate for the current year has increased 5% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Rivian Automotive belongs to the Automotive - Domestic industry, a group that includes 16 individual companies and currently sits at #223 in the Zacks Industry Rank. Stocks in this group have lost about 15.2% so far this year, so RIVN is performing better this group in terms of year-to-date returns. Xos, Inc. is also part of the same industry.
Going forward, investors interested in Auto-Tires-Trucks stocks should continue to pay close attention to Rivian Automotive and Xos, Inc. as they could maintain their solid performance.
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Rivian Automotive, Inc. (RIVN): Free Stock Analysis Report Xos, Inc. (XOS): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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