Written by Cláudio Afonso | LinkedIn | X
Over the past twelve months, SG Americas, the U.S. broker-dealer subsidiary of France’s third-largest listed bank Société Générale, has been consistently increasing its holdings of Nio shares each quarter.
After buying the first shares in the electric vehicle (EV) maker back in early 2019 (73,837 to be precise), the fund increased its position in the company in the following quarter up to 3,641,105 — the most shares it ever owned.
SG Americas sold 92 percent of its holdings in the third quarter of 2019 but added over 3.5 million shares by late 2019. Since then it has been keeping a a stake of less than 1 million shares since mid 2020 until the beginning of this year.
Now, on the second quarter of the year, the one of the largest financial services groups in Europe reported owning 2,222,025 shares of Nio valued at $9.24 million, an increase of 17.22% from the 1,895,544 shares it owned in the first quarter.
Based on Friday’s closing price, the current value of the position is $10.82 million.
As of now, Nio has 627 institutional shareholders who collectively hold 347.1 million shares, according to data from Fintel.
In early 2022, the company reached its peak of institutional ownership, with nearly 600,000 shares held by institutional investors when the stock price traded between $20 and $30 per share.
In the second quarter, Sweden’s third largest pension fund, AMF Pensionsforsakring AB, has reduced its position in by selling 562,700 shares, as revealed in a form filed last week.
During the second quarter, the fund increased its stake in Geely’s EV brand Polestar by 400 percent by adding 17.5 million shares. AMF’s current position in Polestar is valued at nearly $21 million.
Written by Cláudio Afonso | LinkedIn | X
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The post France’s Third Largest Bank Increases Stake in Nio Up To 2.22 Million Shares first appeared on EV.