10 Best EV Stocks to Buy Under $50

5. Rivian Automotive, Inc. (NASDAQ:RIVN)

Share Price: $12.41

Number of Hedge Fund Holders: 40

Rivian Automotive, Inc. (NASDAQ:RIVN) is an American electric vehicle manufacturer that ranks among the best EV stocks. The company also develops and offers software and services that address the entire lifecycle of EVs. Rivian Automotive, Inc. (NASDAQ:RIVN) designs, develops, builds, and sells the R1T electric pickup truck and the R1S electric SUV. The company uses a versatile “skateboard” platform to build its EVs and this platform can support future vehicles or be utilized by other companies. Rivian Automotive, Inc. (NASDAQ:RIVN) plans to unveil its cheaper R2 SUV in 2026 and aims to make more additions to its lineup in 2026 and 2027 with the higher-end R3 and R3X SUVs.

On February 21, Needham analyst Chris Pierce raised the firm’s price target on Rivian Automotive, Inc. (NASDAQ:RIVN) from $14 to $17 while maintaining a “Buy” rating. This revision followed the company’s better-than-expected results for the fourth quarter of 2024. Pierce is confident that Rivian Automotive, Inc. (NASDAQ:RIVN) will benefit in the long term from the shift to EVs. The analyst noted high customer satisfaction and enthusiasm for the company’s EVs. Pierce also highlighted the upcoming launch of R2, which is expected to be a more affordable model. The R2 vehicle launch is projected to significantly expand Rivian’s total addressable market.