Shares of Nio (NYSE:NIO) stock are in the red today following a concerning report about Tesla’s (NASDAQ:TSLA) Chinese production.
According to Bloomberg, Tesla notified employees at its Shanghai Gigafactory to work five days a week instead of the normal 6.5 days. The plant produces the Model 3 and Y. Meanwhile, the plant’s schedule of two 11.5-hour shifts per day remained unchanged.
Production lines, such as battery workshops, could see limitations for an extended period of time. These production limits are expected to last through April, according to people familiar with the situation.
This fares poorly for Nio, which has already seen its shares decline by over 40% year-to-date.
At the same time, Nio’s fourth-quarter earnings showed improvements on several metrics, although the company remains unprofitable with slowing revenue growth. For the quarter, vehicle revenue grew by 4.6% year-over-year to $2.17 billion. Deliveries grew by 25% to 50,045, while vehicle margins increased to 11.9% from 6.8%. Net loss was $756 million compared to $800 a year ago.
The 5 Biggest Buyers of NIO Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q4, 468 13F filers disclosed a stake in NIO, an increase of nine filers from the previous quarter. These filers own a total of 415.61 million shares, up by 1.6% compared to Q3. CYVN Investments is the largest shareholder of the company, with 418.83 million shares.
Hedge funds, a subset of institutional investors, were more bullish. While 79 hedge funds disclosed a stake in NIO, the same amount as during Q3, total shares owned increased by 30% to 59.85 million.
With that in mind, let’s take a look at Nio’s top buyers during Q4:
- Voloridge Investment Management bought 8.11 million shares after owning zero shares during Q3.
- HSBC (NYSE:HSBC) bought 3.99 million shares, bringing its stake to 7.06 million shares.
- Point72 bought 3.71 million shares, bringing its stake to 3.77 million shares.
- Millennium Management bought 2.27 million shares, bringing its stake to 2.72 million shares
- Jane Street bought 2.01 million shares, bringing its stake to 6.80 million shares.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
