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Why Rivian Automotive (RIVN) Outpaced the Stock Market Today
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Rivian Automotive (RIVN - Free Report) closed the latest trading day at $15.56, indicating a +1.17% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily gain of 0.96%. Elsewhere, the Dow gained 0.4%, while the tech-heavy Nasdaq added 1.3%.
Coming into today, shares of the a manufacturer of motor vehicles and passenger cars had lost 13.69% in the past month. In that same time, the Auto-Tires-Trucks sector lost 2.76%, while the S&P 500 gained 3.69%.
Analysts and investors alike will be keeping a close eye on the performance of Rivian Automotive in its upcoming earnings disclosure. The company's earnings report is set to go public on February 21, 2024. In that report, analysts expect Rivian Automotive to post earnings of -$1.39 per share. This would mark year-over-year growth of 19.65%. At the same time, our most recent consensus estimate is projecting a revenue of $1.29 billion, reflecting a 94.13% rise from the equivalent quarter last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Rivian Automotive. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 1.26% fall in the Zacks Consensus EPS estimate. Rivian Automotive presently features a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 107, which puts it in the top 43% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Why Rivian Automotive (RIVN) Outpaced the Stock Market Today
Rivian Automotive (RIVN - Free Report) closed the latest trading day at $15.56, indicating a +1.17% change from the previous session's end. The stock's performance was ahead of the S&P 500's daily gain of 0.96%. Elsewhere, the Dow gained 0.4%, while the tech-heavy Nasdaq added 1.3%.
Coming into today, shares of the a manufacturer of motor vehicles and passenger cars had lost 13.69% in the past month. In that same time, the Auto-Tires-Trucks sector lost 2.76%, while the S&P 500 gained 3.69%.
Analysts and investors alike will be keeping a close eye on the performance of Rivian Automotive in its upcoming earnings disclosure. The company's earnings report is set to go public on February 21, 2024. In that report, analysts expect Rivian Automotive to post earnings of -$1.39 per share. This would mark year-over-year growth of 19.65%. At the same time, our most recent consensus estimate is projecting a revenue of $1.29 billion, reflecting a 94.13% rise from the equivalent quarter last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Rivian Automotive. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, there's been a 1.26% fall in the Zacks Consensus EPS estimate. Rivian Automotive presently features a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 107, which puts it in the top 43% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.