Rivian Automotive (RIVN) closed the most recent trading day at $13.81, moving +1.17% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 1.11% for the day. At the same time, the Dow added 1.19%, and the tech-heavy Nasdaq gained 1.43%.
Shares of the a manufacturer of motor vehicles and passenger cars witnessed a loss of 12.67% over the previous month, trailing the performance of the Auto-Tires-Trucks sector with its gain of 0.34%, and the S&P 500's gain of 3.92%.
The investment community will be paying close attention to the earnings performance of Rivian Automotive in its upcoming release. The company is expected to report EPS of -$0.65, up 46.28% from the prior-year quarter. Alongside, our most recent consensus estimate is anticipating revenue of $1.29 billion, indicating a 11.22% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$2.49 per share and revenue of $5.25 billion, which would represent changes of +38.37% and +5.66%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Rivian Automotive. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Rivian Automotive is currently a Zacks Rank #2 (Buy).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 209, putting it in the bottom 16% of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow RIVN in the coming trading sessions, be sure to utilize Zacks.com.
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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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