5 Best Electric Vehicle Stocks to Buy Now

4. Rivian Automotive Inc. (NASDAQ:RIVN)

Number of Hedge Fund Holders: 35

Rivian Automotive Inc. (NASDAQ:RIVN) is a manufacturer of EVs and accessories. The company provides five-passenger pickup trucks and sports utility vehicles.

Morgan Stanley’s Adam Jonas holds an Overweight rating on Rivian Automotive Inc. (NASDAQ:RIVN) shares as of August 12. The analyst also holds a $60 price target on the stock.

This August, Rivian Automotive Inc. (NASDAQ:RIVN) shares climbed over 90% from their 52-week low. Big name investors like Ray Dalio and David Einhorn have also increased their stakes in the company, making it an attractive EV stock.

There were 35 hedge funds long Rivian Automotive Inc. (NASDAQ:RIVN) in the second quarter, compared to 29 hedge funds in the previous quarter. Their total stake values were $1.6 billion and $3.9 billion, respectively.