Why Rivian Automotive (RIVN) Dipped More Than Broader Market Today

Rivian Automotive (RIVN) closed the most recent trading day at $16.01, moving -1.02% from the previous trading session. This change lagged the S&P 500's 0.48% loss on the day. Meanwhile, the Dow experienced a drop of 0.77%, and the technology-dominated Nasdaq saw a decrease of 0.64%.

Prior to today's trading, shares of the a manufacturer of motor vehicles and passenger cars had lost 1.16% lagged the Auto-Tires-Trucks sector's gain of 5.5% and the S&P 500's loss of 0.97%.

The investment community will be paying close attention to the earnings performance of Rivian Automotive in its upcoming release. The company is expected to report EPS of -$0.67, up 4.29% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $1.94 billion, reflecting a 24.45% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of -$2.27 per share and a revenue of $7.29 billion, demonstrating changes of +7.35% and +35.31%, respectively, from the preceding year.

Investors might also notice recent changes to analyst estimates for Rivian Automotive. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Rivian Automotive currently has a Zacks Rank of #3 (Hold).

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 58, putting it in the top 24% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in 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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

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This article originally published on Zacks Investment Research (zacks.com).

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