Beaten-Down Stocks with Massive Upside Potential: Rivian and Robinhood
Rivian Automotive and Robinhood Markets are two beaten-down stocks that could see significant upside potential, according to recent analysis. Rivian's R2 model has been launched in an effort to compete with Tesla's Model Y in the midsize SUV category.
The company also signed a deal with Uber Technologies to deliver up to 50,000 fully autonomous R2 models for its robotaxi service. This agreement could lead to increased demand for Rivian's R2 model and potentially tap into a large addressable market.
However, there are risks involved with investing in Rivian, including the company's efforts to improve its self-driving software and its unprofitable status.
Robinhood Markets has also seen significant decline from its 52-week high due to weakness within its cryptocurrency business. However, the company is diversifying away from this segment and making headway in other areas such as prediction markets and contract trading.