5 Stocks to Buy As Virus Restrictions Are Lifted in China

3. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Holders: 26    

Increase in Share Price Over Past Month: 26.76%   

NIO Inc. (NYSE:NIO) makes and sells smart electric vehicles. On June 10, the company announced that it would start producing electric vehicle battery packs that it had developed in-house by the second half of 2024. The announcement marks a key milestone for the firm which is looking to compete with large EV makers in China and beyond. In the long-term, the firm plans to use a combination of self-produced and externally sourced batteries, a business model similar to the EV giant Tesla. 

On June 12, Macquarie analyst Erica Chen maintained an Outperform rating on NIO Inc. (NYSE:NIO) stock and lowered the price target to $27.40 from $28.30, backing the market to appreciate the momentum trends of the company. 

At the end of the first quarter of 2022, 26 hedge funds in the database of Insider Monkey held stakes worth $716 million in NIO Inc. (NYSE:NIO), compared to 30 in the preceding quarter worth $813 million.