-5 C
Pennsylvania
Sunday, February 5, 2023

Renaissance cuts place on NIO; doubles down on XPeng and Li Auto By Investing.com

Must read


© Reuters Renaissance cuts place on NIO (NIO); doubles down on XPeng (XPEV) and Li Auto (LI)

By Michael Elkins 

Renaissance Applied sciences LLC, a outstanding hedge fund, has lower its place within the Chinese language electrical car firm Nio (NYSE:) throughout the 3Q whereas doubling its wager on XPeng (NYSE:) and Li Auto (NASDAQ:).

Renaissance held 12,681,700 US-traded ADRs of NIO on the finish of the third quarter, down 5,087,200 shares, or 28.63 %, from 17,768,900 shares on the finish of the second quarter, in keeping with a Kind 13F submitting on Monday. The holdings in NIO had been price about $200 million, down $186 million, or 48.18 %, from $386 million on the finish of the second quarter.

Whereas lowering its place in NIO, the fund considerably elevated its place in XPeng and Li Auto within the third quarter.

On the finish of the third quarter, Renaissance held 6,316,939 shares of XPeng’s US-traded ADRs, up 2,696,339 shares, or 74.47 %, from 3,620,600 shares on the finish of the second quarter.

The fund owned 12,419,600 shares of Li Auto on the finish of the third quarter, up 6,390,700 shares or 106 % from 6,028,900 shares on the finish of the second quarter.

Within the third quarter, NIO fell 27 %, XPeng fell 64 %, and Li Auto fell 40 %.

Based on 13F filings earlier this month, whereas Renaissance is reducing its place on NIO, Bridgewater Associates elevated its holdings together with Baillie Gifford & Co and The California Public Workers’ Retirement System. US billionaire George Soros’ Soros Fund Administration additionally elevated its wager on NIO.

Shares of NIO are up 4.74% in mid-day buying and selling on Tuesday.

Shares of LI and XPEV are up 6.8% and 5.44% respectively.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article