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Rivian Automotive (RIVN) Stock Sinks As Market Gains: What You Should Know
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Rivian Automotive (RIVN - Free Report) closed the most recent trading day at $19.91, moving -1.53% from the previous trading session. This change lagged the S&P 500's 1.29% gain on the day. Meanwhile, the Dow gained 0.78%, and the Nasdaq, a tech-heavy index, lost 4.94%.
Prior to today's trading, shares of the a manufacturer of motor vehicles and passenger cars had gained 21.66% over the past month. This has lagged the Auto-Tires-Trucks sector's gain of 28.83% and outpaced the S&P 500's gain of 5.64% in that time.
Rivian Automotive will be looking to display strength as it nears its next earnings release, which is expected to be February 28, 2023. On that day, Rivian Automotive is projected to report earnings of -$1.88 per share, which would represent year-over-year growth of 22.63%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $710.8 million, up 1216.29% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Rivian Automotive. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 1.22% lower. Rivian Automotive is holding a Zacks Rank of #3 (Hold) right now.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 88, which puts it in the top 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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 (RIVN) Stock Sinks As Market Gains: What You Should Know
Rivian Automotive (RIVN - Free Report) closed the most recent trading day at $19.91, moving -1.53% from the previous trading session. This change lagged the S&P 500's 1.29% gain on the day. Meanwhile, the Dow gained 0.78%, and the Nasdaq, a tech-heavy index, lost 4.94%.
Prior to today's trading, shares of the a manufacturer of motor vehicles and passenger cars had gained 21.66% over the past month. This has lagged the Auto-Tires-Trucks sector's gain of 28.83% and outpaced the S&P 500's gain of 5.64% in that time.
Rivian Automotive will be looking to display strength as it nears its next earnings release, which is expected to be February 28, 2023. On that day, Rivian Automotive is projected to report earnings of -$1.88 per share, which would represent year-over-year growth of 22.63%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $710.8 million, up 1216.29% from the year-ago period.
It is also important to note the recent changes to analyst estimates for Rivian Automotive. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 1.22% lower. Rivian Automotive is holding a Zacks Rank of #3 (Hold) right now.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 88, which puts it in the top 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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.