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Rivian Automotive (RIVN) Rises Higher Than Market: Key Facts

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Rivian Automotive (RIVN - Free Report) closed the most recent trading day at $19.66, moving +1.87% from the previous trading session. This move outpaced the S&P 500's daily gain of 1.06%. On the other hand, the Dow registered a gain of 0.93%, and the technology-centric Nasdaq increased by 1.2%.

Prior to today's trading, shares of the a manufacturer of motor vehicles and passenger cars had lost 20.18% over the past month. This has lagged the Auto-Tires-Trucks sector's loss of 4.23% and the S&P 500's loss of 3% in that time.

Market participants will be closely following the financial results of Rivian Automotive in its upcoming release. The company plans to announce its earnings on November 7, 2023. The company is forecasted to report an EPS of -$1.39, showcasing a 11.46% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $1.36 billion, indicating a 153.22% growth compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of -$5.03 per share and a revenue of $4.34 billion, demonstrating changes of +20.66% and +162.03%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Rivian Automotive. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.47% decrease. Rivian Automotive currently has a Zacks Rank of #3 (Hold).

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. Currently, this industry holds a Zacks Industry Rank of 164, positioning it in the bottom 35% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.


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