Rivian Automotive (RIVN) Stock Moves -0.1%: What You Should Know
The most recent trading session ended with Rivian Automotive (RIVN) standing at $10.03, reflecting a -0.1% shift from the previouse trading day’s closing. The stock’s performance was ahead of the S&P 500’s daily loss of 0.18%. At the same time, the Dow lost 0.8%, and the tech-heavy Nasdaq gained 0.27%.
Prior to today’s trading, shares of the a manufacturer of motor vehicles and passenger cars had lost 14.26% over the past month. This has lagged the Auto-Tires-Trucks sector’s loss of 4.37% and the S&P 500’s gain of 4.46% in that time.
The upcoming earnings release of Rivian Automotive will be of great interest to investors. The company’s earnings report is expected on November 7, 2024. The company’s upcoming EPS is projected at -$0.88, signifying a 26.05% increase compared to the same quarter of the previous year. Meanwhile, the latest consensus estimate predicts the revenue to be $968.3 million, indicating a 27.58% decrease compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates project earnings of -$4.01 per share and a revenue of $4.64 billion, demonstrating changes of +17.83% and +4.74%, respectively, from the preceding year.
Investors should also take note of any recent adjustments to analyst estimates for Rivian Automotive. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts’ positivity towards the company’s business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we’ve formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1.83% lower within the past month. Rivian Automotive is holding a Zacks Rank of #3 (Hold) right now.
The Automotive – Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 189, putting it in the bottom 25% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
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