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. (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 as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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