5 Hot EV Stocks To Buy Now

2. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Holders: 26  

Avg Volume: 55.8M

YTD Perf: +23.79%

NIO Inc. (NYSE:NIO) designs, develops, manufactures, and sells smart electric vehicles in China. On January 27, Scottish investment firm Baillie Gifford & Co increased its stake in NIO ADR by purchasing approximately 24 million shares, a 25% increase from its previous holdings of approximately 97 million shares.

On December 29, 2022, China Renaissance analyst Yiming Wang maintained a Hold rating on NIO Inc. (NYSE:NIO) stock and lowered the price target to $10.40 from $12.30, noting that the company’s fourth quarter deliveries are being delayed by ongoing COVID issues, leading to a reduction in its delivery guidance strategy.  

At the end of the third quarter of 2022, 26 hedge funds in the database of Insider Monkey held stakes worth $518.9 million in NIO Inc. (NYSE:NIO), compared to 25 in the preceding quarter worth $873.9 million. 

In its Q1 2022 investor letter, Horos Asset Management, an asset management firm, highlighted a few stocks and NIO Inc. (NYSE:NIO) was one of them. Here is what the fund said:

“At the beginning of April, the CSRC (China Securities Regulatory Commission) announced possible changes in its regulation that would allow this inspection by foreign auditors, provided that the companies previously communicate to this body the state secrets that would be exposed, as well as the sensitive information that they might have to hand over, and the subsequent audit is carried out in a framework of collaboration with the CSRC. In short, a move in the direction desired by the SEC, although still far from the optimal result, that is, unrestricted access to information. While these negotiations between the two regulatory bodies are progressing, Chinese companies have to decide how best to preserve their interests. Other entities, such as the electric vehicle manufacturer Nio, have just started trading on this stock market.”