In the latest trading session, Rivian Automotive (RIVN) closed at $12.75, marking a -2.45% move from the previous day. This change lagged the S&P 500's daily loss of 0.79%. Meanwhile, the Dow lost 0.94%, and the Nasdaq, a tech-heavy index, lost 0.92%.
Prior to today's trading, shares of the a manufacturer of motor vehicles and passenger cars had lost 6.64% lagged the Auto-Tires-Trucks sector's loss of 2.1% and the S&P 500's gain of 5.22%.
The upcoming earnings release of Rivian Automotive will be of great interest to investors. The company's earnings per share (EPS) are projected to be -$0.65, reflecting a 46.28% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $1.29 billion, up 11.22% from the prior-year quarter.
RIVN's full-year Zacks Consensus Estimates are calling for earnings of -$2.49 per share and revenue of $5.25 billion. These results would represent year-over-year changes of +38.37% and +5.66%, respectively.
Investors should also note any recent changes to analyst estimates for Rivian Automotive. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, 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 witnessed an unchanged state. At present, Rivian Automotive boasts a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 209, which puts it in the bottom 16% 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.
You can find more information on all of these metrics, and much more, on 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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