Chinese Billionaire Lei Zhang is Selling These 4 Tech Stocks in 2022

3. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Holders as of December 31: 30

NIO Inc. (NYSE:NIO) is a Chinese EV company. Hillhouse Capital Management initiated a position in NIO Inc. (NYSE:NIO)  in Q3 2020, with over 2 million shares bought at an average quarterly share price of $15.40. Over the next few quarters, the stake was decreased until the entire holding was sold off in Q1 2022.

The stock price of NIO Inc. (NYSE:NIO) has declined by over 50% YTD. NIO Inc. (NYSE:NIO) posted an EPS GAAP Actual of -$0.21 for Q1 2022, missing the analysts’ estimates by $0.05. However, the company is expected to perform better following ease in Covid-19 related restrictions in China.

On May 23, Vijay Rakesh at Mizuho reiterated a Buy rating on NIO Inc. (NYSE:NIO) stock with a price target of $60. Rakesh added that NIO Inc. (NYSE:NIO) plans on launching Nio Pilot+ self-driving in the following months and has priced it at a 40% to 50% discount from Tesla.