Rivian Automotive (RIVN) closed at $16.90 in the latest trading session, marking a -1.69% move from the prior day. The stock’s performance was behind the S&P 500’s daily loss of 0.78%. Elsewhere, the Dow lost 1.29%, while the tech-heavy Nasdaq lost 0.7%.
Shares of the a manufacturer of motor vehicles and passenger cars have appreciated by 55.99% over the course of the past month, outperforming the Auto-Tires-Trucks sector’s gain of 17.69% and the S&P 500’s gain of 2.14%.
Market participants will be closely following the financial results of Rivian Automotive in its upcoming release. The company plans to announce its earnings on August 6, 2024. The company is forecasted to report an EPS of -$1.18, showcasing a 9.26% downward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.04 billion, indicating a 7.34% decrease compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$3.97 per share and a revenue of $4.8 billion, representing changes of +18.65% and +8.27%, respectively, from the prior year.
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. Consequently, upward revisions in estimates express analysts’ positivity towards the company’s business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 a 1.86% increase. Rivian Automotive is currently a Zacks Rank #3 (Hold).
The Automotive – Domestic industry is part of the Auto-Tires-Trucks sector. This industry, currently bearing a Zacks Industry Rank of 185, finds itself in the bottom 27% echelons 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Rivian Automotive, Inc. (RIVN) : Free Stock Analysis Report
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