Written by Cláudio Afonso | LinkedIn | X
IMC-Chicago, the U.S. subsidiary of Dutch trading firm IMC, bought 1,862,130 shares of the EV maker Nio in the last quarter of 2024 after exiting its position earlier in the year, its latest 13F filing showed.
The firm, founded in 1989, had previously sold off its holdings in Nio before re-entering the stock.
IMC bought the first shares in the company in mid-2019, some months after Nio became publicly listed. The firm’s ADS holdings have varied over the past two years, reaching a peak of 2.84 million shares in the first quarter of 2024 before declining through the year.
Nio’s stock surged nearly 5,000% between October 2019 and January 2021, hitting a record high of $66.99 per share as the EV sector rallied and financial markets rebounded from the initial shock of the COVID-19 pandemic.
Calls and Options
Additionally, IMC increased its call options on Nio by 6.36% to 5.65 million contracts, up from 5.31 million at the end of the third quarter. However, the value of its call options dropped 30.58% to $24.65 million as of the end of 2024.
Meanwhile, the firm reduced its put options by 5.41% to 3.57 million contracts, down from 3.77 million in the previous quarter. The value of its put options fell 38.26% to $15.58 million.
Despite a 70% decline in stock price over the following 18 months, institutional holdings rose to nearly 600 million shares by early 2023. However, since then, institutional ownership has sharply decreased to a new low since 2019.
As of the end of last year, institutional ownership stood at 229.7 million shares, according to Fintel data. This represents the lowest level since mid-2019 when the stock was trading at a similar price of around $4.
Over the last three years, the number of shares held by institutional investors has dropped by over 60%. As of Monday, Nio has 558 institutional owners and shareholders holding 230.5 million shares.
Nio’s Largest Shareholder
CYVN Holdings, a firm backed by the Abu Dhabi government, is Nio’s largest shareholder, holding a 21.7% stake.
In December 2023, CYVN completed a $2.2 billion investment in Nio (294 million newly issued shares), following an earlier agreement in June 2023 to invest approximately $738.5 million.
As part of the June deal, Nio issued another 85 million new Class A shares to CYVN at $8.72 per share. However, CYVN is not considered in the institutional shareholder figures previously shown.
Nio delivered 13,863 electric vehicles in January including 7,951 Nio vehicles (down 21% year over year) and 5,912 from its sub-brand Onvo.
The post IMC Rebuilds Nio Stake in Q4 by Adding 1.86M Shares, Adjusts Calls/Puts appeared first on EV.