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Rivian Automotive (RIVN) Surges 8.1%: Is This an Indication of Further Gains?
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Rivian Automotive (RIVN - Free Report) shares soared 8.1% in the last trading session to close at $18.11. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 50.9% gain over the past four weeks.
Shares of Rivian surged over 8% on Friday, marking the sixth consecutive day of gains, driven by the company's cost-reduction strategy and Volkswagen's capital injection decision. Volkswagen’s investment, along with Rivian's cash reserves, is expected to support growth of this California-based EV maker until positive free cash flow is achieved. Rivian's Gen 2 R1 model aims to reduce material costs by 20% this year, while the upcoming R2 model is projected to cut costs by 45% compared to the Gen 2 R1.
This a manufacturer of motor vehicles and passenger cars is expected to post quarterly loss of $1.18 per share in its upcoming report, which represents a year-over-year change of -9.3%. Revenues are expected to be $996.51 million, down 11.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Rivian Automotive, the consensus EPS estimate for the quarter has been revised 1.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on RIVN going forward to see if this recent jump can turn into more strength down the road.
Rivian Automotive is a member of the Zacks Automotive - Domestic industry. One other stock in the same industry, Tesla (TSLA - Free Report) , finished the last trading session 3% higher at $248.23. TSLA has returned 32.1% over the past month.
Tesla's consensus EPS estimate for the upcoming report has changed +0.8% over the past month to $0.61. Compared to the company's year-ago EPS, this represents a change of -33%. Tesla currently boasts a Zacks Rank of #3 (Hold).
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Rivian Automotive (RIVN) Surges 8.1%: Is This an Indication of Further Gains?
Rivian Automotive (RIVN - Free Report) shares soared 8.1% in the last trading session to close at $18.11. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 50.9% gain over the past four weeks.
Shares of Rivian surged over 8% on Friday, marking the sixth consecutive day of gains, driven by the company's cost-reduction strategy and Volkswagen's capital injection decision. Volkswagen’s investment, along with Rivian's cash reserves, is expected to support growth of this California-based EV maker until positive free cash flow is achieved. Rivian's Gen 2 R1 model aims to reduce material costs by 20% this year, while the upcoming R2 model is projected to cut costs by 45% compared to the Gen 2 R1.
This a manufacturer of motor vehicles and passenger cars is expected to post quarterly loss of $1.18 per share in its upcoming report, which represents a year-over-year change of -9.3%. Revenues are expected to be $996.51 million, down 11.1% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Rivian Automotive, the consensus EPS estimate for the quarter has been revised 1.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on RIVN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Rivian Automotive is a member of the Zacks Automotive - Domestic industry. One other stock in the same industry, Tesla (TSLA - Free Report) , finished the last trading session 3% higher at $248.23. TSLA has returned 32.1% over the past month.
Tesla's consensus EPS estimate for the upcoming report has changed +0.8% over the past month to $0.61. Compared to the company's year-ago EPS, this represents a change of -33%. Tesla currently boasts a Zacks Rank of #3 (Hold).