Needham Reiterates a Buy Rating on Rivian Automotive (RIVN), Sets a $14 PT

Rivian Automotive, Inc. (NASDAQ:RIVN) is one of the best automotive stocks to buy according to hedge funds. In a report released on August 30, Chris Pierce from Needham reiterated a Buy rating on Rivian Automotive, Inc. (NASDAQ:RIVN) with a price target of $14.00.

Rivian Automotive, Inc. (RIVN) Isn't A DeLorean, Says Jim Cramer

Rivian Automotive, Inc. (NASDAQ:RIVN) reported its fiscal Q2 2025 results on August 5, announcing that it received a $1 billion equity investment from Volkswagen Group on June 30 at an effective price of $19.42, representing a “33% premium to the $14.56 30-trading day volume-weighted average stock price.”

Management stated that the investment is a part of the up to $5.8 billion agreement associated with the Volkswagen Group Technology and Rivian Automotive, Inc.’s (NASDAQ:RIVN) joint venture.

Rivian Automotive, Inc. (NASDAQ:RIVN) produced 5,979 vehicles at its manufacturing facility in Normal, Illinois, in fiscal Q2 2025 and delivered 10,661 vehicles.

Rivian Automotive, Inc. (NASDAQ:RIVN) designs, develops, and manufactures category-defining electric vehicles and accessories. Its operations are divided into the following segments: Automotive, Software, and Services.

While we acknowledge the potential of RIVN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RIVN and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.