Rivian Automotive (RIVN) concluded the most recent trading session at $16.04, reflecting a slight increase of +0.06% from the previous day’s closing price. However, this uptick was lower than the S&P 500’s 0.29% rise, and the Dow experienced a 0.25% decline, while the Nasdaq saw an increase of 0.43%.
The stock of this manufacturer of motor vehicles and passenger cars has exhibited a 30.94% decrease over the past month, a notable underperformance in comparison to the Auto-Tires-Trucks sector’s 7% loss and the S&P 500’s 2.08% gain.
Investors are eagerly anticipating Rivian Automotive’s upcoming earnings report scheduled for February 21, 2024. Analysts are forecasting an EPS of -$1.37, signifying a 20.81% increase from the same quarter last year. Moreover, the latest consensus estimate suggests a revenue of $1.26 billion, marking a 90.56% increase from the previous year.
It is crucial for investors to monitor any recent changes to analyst estimates for Rivian Automotive, as these adjustments often indicate shifts in short-term business trends. Positive revisions typically signify analyst confidence in the company’s future business prospects and profitability.
Our research indicates that these estimate revisions directly impact stock movements in the near term. It is noteworthy that we have established the Zacks Rank, a model that incorporates these changes and provides a rating system for operations.
The Zacks Rank spans from #1 (Strong Buy) to #5 (Strong Sell), with #1 ranked stocks historically delivering an average annual return of +25% since 1988. In the past month, the Zacks Consensus EPS estimate for Rivian Automotive has been revised downwards by 0.8%. Currently, the stock holds a Zacks Rank of #4 (Sell).
As a member of the Auto-Tires-Trucks sector and the Automotive – Domestic industry, which Rivian Automotive is a part of, currently has a Zacks Industry Rank of 188, positioning it in the bottom 26% of all industries.
Our analysis demonstrates that industries with a top 50% Zacks Industry Rank outperform the bottom half by a factor of 2 to 1. Consequently, it is essential for investors to stay abreast of these stock-impacting metrics and more in the forthcoming trading sessions by visiting Zacks.com.
In summary, while Rivian Automotive (RIVN) has displayed some promising figures, it has yet to catch up with the market. The company’s upcoming earnings release and analyst estimates will offer valuable insights for investors in determining the future trajectory of this stock.
Authored by Zacks Investment Research.
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