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Strength Seen in Rivian Automotive (RIVN): Can Its 17.4% Jump Turn into More Strength?
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Rivian Automotive (RIVN - Free Report) shares soared 17.4% in the last trading session to close at $19.56. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.1% gain over the past four weeks.
Shares of Rivian rallied yesterday following the announcement of its second-quarter 2023 deliveries, totaling 12,640 units. These delivery figures not only exceeded the expectations of Wall Street analysts but also witnessed a 59% growth compared to the first quarter of 2023.
This a manufacturer of motor vehicles and passenger cars is expected to post quarterly loss of $1.49 per share in its upcoming report, which represents a year-over-year change of +21.2%. Revenues are expected to be $887.81 million, up 143.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Rivian Automotive, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RIVN going forward to see if this recent jump can turn into more strength down the road.
Rivian Automotive is a member of the Zacks Automotive - Domestic industry. One other stock in the same industry, Proterra Inc. , finished the last trading session 1.7% higher at $1.22. PTRA has returned 0% over the past month.
Proterra Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.26. Compared to the company's year-ago EPS, this represents a change of +38.1%. Proterra Inc. currently boasts a Zacks Rank of #2 (Buy).
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Strength Seen in Rivian Automotive (RIVN): Can Its 17.4% Jump Turn into More Strength?
Rivian Automotive (RIVN - Free Report) shares soared 17.4% in the last trading session to close at $19.56. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 15.1% gain over the past four weeks.
Shares of Rivian rallied yesterday following the announcement of its second-quarter 2023 deliveries, totaling 12,640 units. These delivery figures not only exceeded the expectations of Wall Street analysts but also witnessed a 59% growth compared to the first quarter of 2023.
This a manufacturer of motor vehicles and passenger cars is expected to post quarterly loss of $1.49 per share in its upcoming report, which represents a year-over-year change of +21.2%. Revenues are expected to be $887.81 million, up 143.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Rivian Automotive, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RIVN going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Rivian Automotive is a member of the Zacks Automotive - Domestic industry. One other stock in the same industry, Proterra Inc. , finished the last trading session 1.7% higher at $1.22. PTRA has returned 0% over the past month.
Proterra Inc.'s consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.26. Compared to the company's year-ago EPS, this represents a change of +38.1%. Proterra Inc. currently boasts a Zacks Rank of #2 (Buy).