Rivian Automotive (RIVN) suffers a bigger decline than the general market: key insights
Rivian Automotive (RIVN) closed the latest 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%. Meanwhile, the Dow Jones lost 1.12%, and the Nasdaq, which was dominated by technology stocks, rose 0.38%.
The auto and passenger vehicle maker’s stock is down 29.94% in the past month, less than the auto and truck tire sector’s loss of 9.05% and the S&P 500’s loss of 2.65%.
Market participants will be closely monitoring Rivian Automotive’s financial results in its next release. The company plans to announce its earnings on November 7, 2023. On that day, Rivian Automotive is expected 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, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$4.99 per share and revenue of $4.35 billion. These totals would represent 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 estimate changes have a direct relationship to upcoming stock price performance. 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive track record of outperformance, validated by third-party audits, with #1 ranked stocks producing an average annual return +25% since 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) currently.
Automotive Industry – The domestic industry is part of the car and truck tires sector. Presently, this industry carries a Zacks Industry Rank of 162, putting it in 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% of ranked industries outperform the bottom half by a factor of 2 to 1.
You can find more information about all of these metrics, and much more, on Zacks.com.
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Rivian Automotive, Inc. (RIVN): Free stock analysis report
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