5 Best EV Stocks Under $50

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

Number of Hedge Fund Holders: 37

Chinese EV company Rivian Automotive, Inc. (NASDAQ:RIVN) moved this month after receiving bullish comments from multiple analyst firms. Needham reaffirmed Rivian Automotive, Inc. (NASDAQ:RIVN)’s addition to Conviction picks after the company’s Q3 delivery numbers. Needham’s analyst Chris Pierce said Rivian Automotive, Inc. (NASDAQ:RIVN)’s risk/reward is at its most compelling level since Needham introduced coverage in March. Needham has a $31 price target on Rivian Automotive, Inc. (NASDAQ:RIVN).

Investment firm UBS has also upgraded Rivian Automotive, Inc. (NASDAQ:RIVN) to Buy from Neutral. UBS has a $24 price target on the stock.

Baron Fifth Avenue Growth Fund made the following comment about Rivian Automotive, Inc. (NASDAQ:RIVN) in its second quarter 2023 investor letter:

“During the second quarter, we also added to our position in EV manufacturer Rivian Automotive, Inc. (NASDAQ:RIVN). After a complex period since the company’s IPO, in which Rivian tried to ramp multiple vehicles simultaneously while struggling to overcome unprecedented supply-chain bottlenecks, the company seems to have turned the corner. Production is now starting to scale up, which should help the company improve its plant utilization and subsequently help gross margins. The company is making notable progress in cost improvements by renegotiating with its suppliers, utilizing its larger scale to get better pricing, as well as, incorporating various technological advancements that would improve its cost structure while also improving the vehicles’ performance (for example it’s Enduro drive unit which is progressing ahead of plan).”