Rivian Automotive (RIVN) ended the recent trading session at $14.04, demonstrating a -0.14% swing from the preceding day’s closing price. The stock’s change was less than the S&P 500’s daily loss of 0.04%. Elsewhere, the Dow gained 0.07%, while the tech-heavy Nasdaq lost 0.05%.
Shares of the a manufacturer of motor vehicles and passenger cars have appreciated by 15.06% over the course of the past month, underperforming the Auto-Tires-Trucks sector’s gain of 20.36% and outperforming the S&P 500’s gain of 1.05%.
Market participants will be closely following the financial results of Rivian Automotive in its upcoming release. The company’s upcoming EPS is projected at -$0.67, signifying a 50.74% increase compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $1.31 billion, reflecting a 0.54% fall from the equivalent quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$4.03 per share and a revenue of $4.56 billion, representing changes of +17.42% and +2.74%, respectively, from the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Rivian Automotive. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company’s business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has remained unchanged. Currently, Rivian Automotive is carrying a Zacks Rank of #3 (Hold).
The Automotive – Domestic industry is part of the Auto-Tires-Trucks sector. This industry, currently bearing a Zacks Industry Rank of 148, finds itself in the bottom 42% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
This article was originally published here.
