5 NASDAQ Stocks with Biggest Upside

In this article, we discuss the 5 NASDAQ stocks with the biggest upside. To read our detailed analysis, go directly to the 10 NASDAQ Stocks with Biggest Upside.

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

Average Analyst Price Target Upside: 66.88%

Number of Hedge Fund Holders: 32

Rivian Automotive, Inc. (NASDAQ:RIVN) manufactures and develops category-defining electric vehicles (EVs) and related accessories. As of March 18, the company is valued at $10.679 billion.

Based on 12 Wall Street analysts’ ratings in the last three months, Rivian Automotive, Inc. (NASDAQ:RIVN) has a consensus rating of Moderate Buy. The average price target of $18.24 represents an upside of 66.88% from the current levels as of March 18, which makes it one of the NASDAQ stocks with the biggest upside.

In the fourth quarter of 2023, while the hedge fund sentiment toward Rivian Automotive, Inc. (NASDAQ:RIVN) decreased slightly, the total stake value increased significantly to $1.132 billion from $867.069 million in the previous quarter. As of the fourth quarter of 2023, D E Shaw owns 16.8 million shares worth over $395.211 million, making it the top investor in the company. 

Moreover, 32 hedge funds held a stake in Rivian Automotive, Inc.’s (NASDAQ:RIVN) stock as of Q4 of 2023, apart from D.E Shaw. Of those, John Overdeck And David Siegel’s Two Sigma Advisors and Ken Griffin’s Citadel Investment Group have increased their stake in the company by 4221% and 207%, respectively. 

Baron Funds mentioned Rivian Automotive, Inc. (NASDAQ:RIVN) in its third quarter 2023 investor letter. Here is what it said:

“Shares of Rivian Automotive, Inc., a U.S.-based electric vehicle manufacturer, continued their volatile trading, and after declining during the first half of 2023, rose 45.7% during the third quarter. Rivian’s unit economics are improving as a result of several factors: i) the company’s production rate is increasing, which enables it to better absorb fixed costs; ii) Rivian is ramping-up the usage of more price effective technologies, such as LFP batteries and its in-house developed motor, Enduro; and iii) the company is benefiting from renegotiated supplier agreements, as its scale and purchasing power have significantly increased over the last few years. Management expects continued progress in profitability ahead as Rivian further scales production. We remain shareholders and believe that the release of Rivian’s new smaller SUV dubbed R2, which is planned for early 2024, would enable the company to compete in the higher volume SUV segment, and significantly expand its addressable market. On the liquidity front, we expect the company to raise additional funds to support its longer-term business plans.”