Here's Why Rivian Automotive (RIVN) Fell More Than Broader Market

Rivian Automotive (RIVN) ended the recent trading session at $15.30, demonstrating a -8.11% change from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily loss of 1.52%. Elsewhere, the Dow saw a downswing of 1.56%, while the tech-heavy Nasdaq depreciated by 1.78%. Shares of the a manufacturer of motor vehicles and passenger cars witnessed a gain of 12.81% over the previous month, beating the performance of the Auto-Tires-Trucks sector with its loss of 6.5%, and the S&P 500's loss of 2.25%.The investment community will be closely monitoring the performance of Rivian Automotive in its forthcoming earnings report. The company is expected to report EPS of -$0.59, down 43.9% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.34 billion, up 8.06% from the year-ago period. For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of -$2.32 per share and a revenue of $7.05 billion, representing changes of +5.31% and +30.81%, respectively, from the prior year. Investors should also take note of any recent adjustments to analyst estimates for Rivian Automotive. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability. Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model. 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, the Zacks Consensus EPS estimate has shifted 1.26% downward. Rivian Automotive is currently a Zacks Rank #3 (Hold). The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 86, putting it in the top 36% of all 250+ industries. The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions. Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Rivian Automotive, Inc. (RIVN): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks