5 Best Auto Stocks To Buy Now

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In this article we are going to present you with the five best auto stocks to buy now based on the hedge fund sentiment, a metric that Insider Monkey is using to identify the best bets. For a more comprehensive list, you can follow this link to see 10 best auto stocks to buy now.

5. Nio Inc – ADR (NYSE:NIO)

Nio Inc – ADR (NYSE:NIO) saw an increase in popularity during the third quarter, as the number of funds bullish on the company went up by five to 35 during the third quarter, and the aggregate value of their holdings surged to $1.40 billion from $567.82 million at the end of June. Among the top shareholders of Nio are Jim Simons‘ Renaissance Technologies and D. E. Shaw’s D E Shaw, which reported stakes worth $295.76 million and $242.22 million, respectively.

The stock of the Chinese ev manufacturer surged by nearly tenfold since the beginning of the year as the company continued to show growing sales. In the third quarter, Nio Inc – ADR (NYSE:NIO) said it delivered 12,206 vehicles, up from 4,799 vehicles a year earlier and 10,331 in the second quarter. At the same time, the company’s revenue of $666.6 million topped the estimates by $50.32 million and net loss of $0.14 per share was higher than the expected loss of $0.17 per share.

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