Written by Cláudio Afonso | LinkedIn | X
The American hedge fund Point72, led by the billionaire Steven A. Cohen, disclosed in its latest filing to the Securities and Exchange Commission that has more than doubled its stake in the Chinese electric vehicle maker Nio during the second quarter.
With $35.2 billion of assets under management as of June 30, Point72 acquired 4,018,659 shares in the Shanghai-based company between April and June ending the quarter with a total of 6,464,246 shares.
As of the end of June, the position was valued at nearly $27 million after the sharp increase of 164.32%.
The fund has invested in Nio since the early days. However, only earlier this year did it end a quarter holding more than 1 million shares.
After selling 1,329,192 shares in the first three months of 2024, Point72 reaches now a new high in its ownership of Nio as shares trade at just above $4 per share.
As of today, and according to Fintel, the company has 610 institutional shareholders holding 294.4 million shares — a new low since the initial public offering took place in 2018.
As reported last week, the investment firm founded by billionaire Israel Englander, has also increased stake in Nio and Rivian.
The company led by William Li delivered 57,373 units between April and June, a year-over-year growth of 143.90%. As of the end of July, year to date deliveries were up 43.9% from 2023.
Written by Cláudio Afonso | LinkedIn | X
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The post Cohen’s Point72 Increases Stake in Nio by 164% to 6.5 Million Shares first appeared on EV.