Rivian Automotive (RIVN) Rises Above Market: Highlights

The most recent trading session ended with Rivian Automotive (RIVN) standing at $10.63, showing a change of +1.82% from the previous trading day’s close. The stock’s performance was ahead of the S&P 500’s daily gain of 0.15%. Meanwhile, the Dow fell 0.02%, and the tech-dominated Nasdaq saw a 0.32% increase.

Shares of auto and passenger car makers saw a 17.73% loss over the past month, trailing the performance of the Auto-Tyres-Truck sector with its 0.39% gain and the S&P 500’s 1.65% gain.

Market participants will closely monitor Rivian Automotive’s financial results in its next release. The company plans to announce its earnings on May 7th, 2024. The company is forecast to report EPS of -$1.13, indicating an increase of 9.6 percent from the corresponding quarter of the prior year. Meanwhile, our current consensus estimate predicts revenue to be $1.1 billion, representing 66.59% growth compared to the corresponding quarter last year.

Full-year Zacks Consensus Estimates for RIVN call for earnings of $3.95 per share and revenue of $4.73 billion. These results would represent year-over-year changes of +19.06% and +6.71%, respectively.

Any recent changes to Rivian Automotive’s analyst estimates should also be considered by investors. These recent corrections tend to reflect the changing nature of short-term trading trends. Therefore, positive revisions to estimates reflect the analyst’s optimism about the company’s business and profitability.

Our research shows that these valuation changes are directly related to long-term stock prices. To capitalize on this, we have developed Zacks Rank, a unique model that takes these estimates into account and provides an operational rating system.

The Zacks Rank System, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive audited track record of outperformance, with #1 stocks delivering an average return of +25% per year since 1988. Furthermore. over the past month, the Zacks Consensus EPS estimate has moved down by 0.28%. Rivian Automotive currently has a Zacks Rank of #3 (Hold).

The story continues

Automotive Industry – Domestic is part of the Automotive Tires industry. This industry, which currently has a Zacks Industry Rank of 93, ranks in the top 37% of all 250+ industries.

The Zacks Industry Rank evaluates the strength of our different industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated sectors outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these metrics for moving stocks, and more, on Zacks.com.

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Rivian Automotive, Inc. (RIVN) : Open Stock Analysis Report

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