We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Rivian (RIVN) COO Resigns Amid Production Challenges, Stock Falls (revised)
Read MoreHide Full Article
Rivian Automotive Inc.'s (RIVN - Free Report) COO, Rod Copes, recently stepped down after being in the position since March 2020, further stretching a tumultuous phase for the electric vehicle (EV) maker. RIVN stock fell 5.3% to $77.16 a share at after-hours trading yesterday, following the announcement of the resignation. The price recorded was below its Initial Public Offering (IPO) value of $78.
Although RIVN completed the year’s biggest IPO in November 2021, it has been going through a rough patch. In December, it stated concerns of trailing behind its goal to build 1,200 units for the year by a few hundred vehicles. The COO’s departure comes at a critical juncture when the company is faced with challenges in the production ramp-up of its R1T and R1S EVs.
According to his LinkedIn profile, Copes had officially left Rivian in December 2021. RIVN stated that Copes’ departure was in a phased manner spanning several months to ensure that the continuous flow of duties and responsibilities among Rivian’s leadership team is not hampered.
In a positive development, Rivian filed a new trademark for bicycles and electric bikes as well as their corresponding structural parts. It is probably an indication that the company is watching for the e-bike domain and seeks to diversify its portfolio with a cheaper product to mass-produce than electric pickup trucks and in line with its targeted “adventure” seeking demographic.
Recently, RIVN also shared plans to use part of the $13.7 billion it had raised through its IPO to build a second factory in Georgia to double its production capacity and produce battery cells. The company’s first factory is in Illinois. Also, it has filed a patent for an integrated tailgate cargo system for automotive vehicles, which is essentially a tailgate bike rack that allows drivers to carry a bike in their pickup without losing bed space.
Genuine Parts has an expected earnings growth rate of 27.3% for the current year. The Zacks Consensus Estimate for earnings for the current year has been revised around 2% upward over the past 60 days.
Genuine Parts’ earnings beat the Zacks Consensus Estimate in all the trailing four quarters. GPC pulled off a trailing four-quarter earnings surprise of 16%, on average. Its shares have also gained 31.3% over a year.
Fox Factory has an expected earnings growth rate of 48.2% for the current year. The Zacks Consensus Estimate for the current year has been revised around 2% upward over the past 60 days.
Fox Factory’s bottom line beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF delivered a trailing four-quarter earnings surprise of roughly 16%, on average. The stock has rallied 38.3% over a year.
Tesla has an expected earnings growth rate of 173.2% for the current year. The Zacks Consensus Estimate for the current-year earnings has been revised around 7% upward over the past 60 days.
Tesla’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 25.4%, on average. The stock has also rallied 30.4% over a year.
(NOTE: We are reissuing this article to correct an error. The original version, published earlier today, January 11, 2022, should no longer be relied on.)
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Shutterstock
Rivian (RIVN) COO Resigns Amid Production Challenges, Stock Falls (revised)
Rivian Automotive Inc.'s (RIVN - Free Report) COO, Rod Copes, recently stepped down after being in the position since March 2020, further stretching a tumultuous phase for the electric vehicle (EV) maker. RIVN stock fell 5.3% to $77.16 a share at after-hours trading yesterday, following the announcement of the resignation. The price recorded was below its Initial Public Offering (IPO) value of $78.
Although RIVN completed the year’s biggest IPO in November 2021, it has been going through a rough patch. In December, it stated concerns of trailing behind its goal to build 1,200 units for the year by a few hundred vehicles. The COO’s departure comes at a critical juncture when the company is faced with challenges in the production ramp-up of its R1T and R1S EVs.
According to his LinkedIn profile, Copes had officially left Rivian in December 2021. RIVN stated that Copes’ departure was in a phased manner spanning several months to ensure that the continuous flow of duties and responsibilities among Rivian’s leadership team is not hampered.
In a positive development, Rivian filed a new trademark for bicycles and electric bikes as well as their corresponding structural parts. It is probably an indication that the company is watching for the e-bike domain and seeks to diversify its portfolio with a cheaper product to mass-produce than electric pickup trucks and in line with its targeted “adventure” seeking demographic.
Recently, RIVN also shared plans to use part of the $13.7 billion it had raised through its IPO to build a second factory in Georgia to double its production capacity and produce battery cells. The company’s first factory is in Illinois. Also, it has filed a patent for an integrated tailgate cargo system for automotive vehicles, which is essentially a tailgate bike rack that allows drivers to carry a bike in their pickup without losing bed space.
Zacks Rank & Key Picks
Currently, Rivian carries a Zacks Rank #3 (Hold).
Some better-ranked players in the auto space are Genuine Parts (GPC - Free Report) , Tesla (TSLA - Free Report) and Fox Factory Holdings (FOXF - Free Report) , each carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Genuine Parts has an expected earnings growth rate of 27.3% for the current year. The Zacks Consensus Estimate for earnings for the current year has been revised around 2% upward over the past 60 days.
Genuine Parts’ earnings beat the Zacks Consensus Estimate in all the trailing four quarters. GPC pulled off a trailing four-quarter earnings surprise of 16%, on average. Its shares have also gained 31.3% over a year.
Fox Factory has an expected earnings growth rate of 48.2% for the current year. The Zacks Consensus Estimate for the current year has been revised around 2% upward over the past 60 days.
Fox Factory’s bottom line beat the Zacks Consensus Estimate in all the trailing four quarters. FOXF delivered a trailing four-quarter earnings surprise of roughly 16%, on average. The stock has rallied 38.3% over a year.
Tesla has an expected earnings growth rate of 173.2% for the current year. The Zacks Consensus Estimate for the current-year earnings has been revised around 7% upward over the past 60 days.
Tesla’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters. TSLA pulled off a trailing four-quarter earnings surprise of 25.4%, on average. The stock has also rallied 30.4% over a year.
(NOTE: We are reissuing this article to correct an error. The original version, published earlier today, January 11, 2022, should no longer be relied on.)