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Rivian Automotive (RIVN) Laps the Stock Market: Here’s Why

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In the latest trading session, Rivian Automotive (RIVN) closed at $15.71, marking a +1.42% move from the previous day. The stock’s change was more than the S&P 500’s daily gain of 0.07%. On the other hand, the Dow registered a loss of 0.13%, and the technology-centric Nasdaq increased by 0.14%.

Heading into today, shares of the a manufacturer of motor vehicles and passenger cars had gained 30.5% over the past month, outpacing the Auto-Tires-Trucks sector’s gain of 15.82% and the S&P 500’s gain of 4.34% in that time.

The investment community will be paying close attention to the earnings performance of Rivian Automotive in its upcoming release. The company is slated to reveal its earnings on August 6, 2024. The company is expected to report EPS of -$1.18, down 9.26% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $996.51 million, reflecting a 11.1% fall from the equivalent quarter last year.

RIVN’s full-year Zacks Consensus Estimates are calling for earnings of -$3.97 per share and revenue of $4.77 billion. These results would represent year-over-year changes of +18.65% and +7.48%, respectively.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Rivian Automotive. These recent revisions tend to reflect the evolving nature of short-term business trends. Therefore, positive revisions in estimates convey analysts’ confidence in the company’s business performance and profit potential.

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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.86% increase. Right now, Rivian Automotive possesses a Zacks Rank of #3 (Hold).

The Automotive – Domestic industry is part of the Auto-Tires-Trucks sector. With its current Zacks Industry Rank of 62, this industry ranks in the top 25% of all industries, numbering over 250.

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.

Be sure to follow all of these stock-moving metrics, and many more, on

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Read More: Rivian Automotive (RIVN) Laps the Stock Market: Here’s Why

2024-07-09 21:50:20

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