Rivian Automotive (RIVN) Gains as Market Drops: What You Should Know

Rivian Automotive (RIVN) closed the latest trading day at $24.18, moving +0.29% from the previous trading session. This move exceeded the S&P 500’s daily loss of 1.22%. Elsewhere, the Dow lost 0.83%, while the tech-heavy Nasdaq lost 1.56%.

As of today, shares of the auto and passenger vehicle manufacturer had gained 15.08% in the past month. Meanwhile, the Car and Truck Tires sector rose 8.24%, while the S&P 500 rose 0.54%.

Wall Street will be looking for positivity from Rivian Automotive as it approaches its next earnings report date. On that day, Rivian Automotive is expected to report earnings of -$1.38 per share, representing year-over-year growth of 12.1%. Meanwhile, our latest consensus estimate is calling for revenue of $1.29 billion, up 140.03% from the same quarter a year earlier.

For the full year, our Zacks Consensus Estimates are projecting earnings of -$5.01 per share and revenue of $4.33 billion, which would represent changes of +20.98% and +161.32%, respectively, from the prior year.

Investors may also notice recent changes to analyst estimates for Rivian Automotive. These revisions help reflect the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company’s business and profitability.

Our research shows that these estimate changes are directly related to near-term stock prices. Investors can benefit from this by using the Zacks Rank. This model takes these estimate changes into account 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. Zacks Consensus EPS estimates have remained stagnant during… Last month. Rivian Automotive currently has a Zacks Rank #3 (Hold).

Automotive Industry – The domestic industry is part of the car and truck tires sector. This industry currently has a Zacks Industry Rank of 86, 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% of ranked industries outperform the bottom half by a factor of 2 to 1.

To follow RIVN in the upcoming trading sessions, be sure to utilize Zacks.com.

Zacks calls it the No. 1 semiconductor stock

It’s only 1/9000 the size of NVIDIA which has risen over +800% since we recommended it. NVIDIA is still strong, but our new chip inventory has much more room to thrive.

With strong earnings growth and an expanding customer base, it is positioned to meet the growing demand for artificial intelligence, machine learning and the Internet of Things. Global semiconductor manufacturing is expected to rise from $452 billion in 2021 to $803 billion by 2028.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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