Rivian Automotive (RIVN) Declines More Than Market: Key Factors and Upcoming Earnings
Rivian Automotive (RIVN) ended the latest trading day at $13.39, marking a -2.73% decline from the previous session. This performance was worse than the S&P 500's daily loss of 0.84%, while the Dow experienced a drop of 0.7% and the technology-dominated Nasdaq saw a decrease of 0.91%.
Over the previous month, shares of the company, which manufactures motor vehicles and passenger cars, witnessed a loss of 12.97%. This performance beat the Auto-Tires-Trucks sector's loss of 0%, but underperformed the S&P 500's gain of 1.44%.
Investors are eagerly awaiting Rivian Automotive's upcoming earnings disclosure. The company is predicted to post an EPS of -$0.65, indicating a 46.28% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate calls for revenue of $1.29 billion, up 11.22% from the prior-year quarter.
For the entire year, the Zacks Consensus Estimates forecast earnings of -$2.49 per share and revenue of $5.25 billion, indicating changes of +38.37% and +5.66%, respectively, compared to the previous year.
Recent changes to analyst estimates for Rivian Automotive may also be noted by investors. Positive estimate revisions can be interpreted as a good sign for the business outlook. The Zacks Rank system, which runs from #1 (Strong Buy) to #5 (Strong Sell), has a track record of superior performance since 1988, with #1 stocks contributing an average annual return of +25%. Over the past month, the Zacks Consensus EPS estimate has remained steady, and Rivian Automotive currently holds a Zacks Rank #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector and ranks in the bottom 29% of all industries with a current Zacks Industry Rank of 176. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow RIVN in the coming trading sessions, be sure to utilize Zacks.com for the latest recommendations and insights from Zacks Investment Research.
