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Rivian Automotive (RIVN) Suffers a Larger Drop Than the General Market: Key Insights
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Rivian Automotive (RIVN - Free Report) closed the most recent trading day at $16.01, moving -0.99% from the previous trading session. This move lagged the S&P 500's daily loss of 0.48%. At the same time, the Dow lost 1.12%, and the tech-heavy Nasdaq gained 0.38%.
The a manufacturer of motor vehicles and passenger cars's stock has dropped by 29.94% in the past month, falling short of the Auto-Tires-Trucks sector's loss of 9.05% and the S&P 500's loss of 2.65%.
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. On that day, Rivian Automotive is projected to report earnings of -$1.36 per share, which would represent year-over-year growth of 13.38%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.36 billion, up 154.57% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$4.99 per share and revenue of $4.35 billion. These totals would mark changes of +21.29% and +162.23%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Rivian Automotive. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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. The Zacks Consensus EPS estimate has moved 0.59% higher within the past month. Rivian Automotive is holding a Zacks Rank of #3 (Hold) right now.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. At present, this industry carries a Zacks Industry Rank of 162, placing it within the bottom 36% of over 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Rivian Automotive (RIVN) Suffers a Larger Drop Than the General Market: Key Insights
Rivian Automotive (RIVN - Free Report) closed the most recent trading day at $16.01, moving -0.99% from the previous trading session. This move lagged the S&P 500's daily loss of 0.48%. At the same time, the Dow lost 1.12%, and the tech-heavy Nasdaq gained 0.38%.
The a manufacturer of motor vehicles and passenger cars's stock has dropped by 29.94% in the past month, falling short of the Auto-Tires-Trucks sector's loss of 9.05% and the S&P 500's loss of 2.65%.
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. On that day, Rivian Automotive is projected to report earnings of -$1.36 per share, which would represent year-over-year growth of 13.38%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.36 billion, up 154.57% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$4.99 per share and revenue of $4.35 billion. These totals would mark changes of +21.29% and +162.23%, respectively, from last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Rivian Automotive. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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. The Zacks Consensus EPS estimate has moved 0.59% higher within the past month. Rivian Automotive is holding a Zacks Rank of #3 (Hold) right now.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. At present, this industry carries a Zacks Industry Rank of 162, placing it within the bottom 36% of over 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.
You can find more information on all of these metrics, and much more, on Zacks.com.