Written by Cláudio Afonso | LinkedIn | X
The world’s largest asset manager, BlackRock, filed the quarterly update of its portfolio late Tuesday revealing it sold 2,169,285 shares of Nio reducing its stake by 3.46% in the second quarter.
Blackrock, one of the largest investors in the electric vehicle (EV) maker, had a total of 60,468,760 shares as of June 30 and its position is now valued at more than $235 million.
The giant asset manager opened a position in Nio six years ago, a few months after the initial public offering (IPO). Blackrock acquired 230,955 shares in the first quarter of 2019 and ended that year with more than 31 million shares.
One year later, by the end of 2020, it had nearly doubled its stake to 61,499,542 shares.
Since then, and while the stock price tumbled from the $60 area to nearly $4 per share, Blackrock has maintained its position between 58 and 67 million shares.
In the same period, BlackRock added 4,392,441 shares in the California-based manufacturer Lucid Motors.
As reported earlier today, Citi Group disclosed it added 994,093 Nio shares in the second quarter, increasing its holdings by 67% from the first quarter.
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In early 2022, institutional ownership of Nio peaked, with nearly 600 million shares held by institutional investors as the stock traded between $20 and $30 per share.
According to Fintel, Nio’s institutional shareholders now hold about 321 million shares, representing a nearly 50% decline.
As reported earlier today, Goldman Sachs significantly reduced its stake in the company selling nearly 5.56 million shares during the second quarter.
Nio shares have fallen 57% year to date as investors await increased production volumes from the company and its upcoming sub-brands, Onvo and Firefly, which are expected to drive the company toward profitability.
The company delivered 20,498 vehicles last month and its year to date deliveries are up nearly 44% from last year. In late September, the group will deliver the first units of the family-oriented SUV L60, the first model under the sub-brand Onvo.
As reported earlier this week, Geode Capital Management, Fidelity’s index fund arm, added 232,135 additional Nio shares during the second quarter, bringing its total holdings to 7,885,425 shares.
Written by Cláudio Afonso | LinkedIn | X
Never miss an update on Nio
The post World’s Largest Asset Manager Trims Nio Stake by 3.5%, Sells 2.17 Million Shares first appeared on EV.