Nio, Inc. (NYSE: NIO) is one stock in which there is sustained retail as well as institutional interest. A 13-F filing done by one of Canada’s largest pension funds Friday showed that it has increased its holdings in Nio.
What Happened: Canada’s Public Sector Pension Investment Board has hiked its Nio holdings from 192,337 shares at the end of the March quarter to 270,274 shares at the end of the June quarter, the filing revealed.
In value terms, the stake increased from $7.5 million to $14.4 million.
In the June quarter, Nio’s shares gained about 36.5%. After trading mostly under $40 during the first two months of the quarter, the stock began to pick up momentum in the month of June.
The timing of purchase by the Public Sector Pension Investment Board is not known.
As of March 31, the fund had $163.44 billion in net assets under management.
Related Link: Why This Nio Analyst Expects Net Loss to Widen In 2021-22
Why It’s Important: China-based Nio is a maker of premium EVs and has carved a niche for itself. Despite the chip shortage, the company has been consistently reporting year-over-year deliveries growth.
The rest of the year and the upcoming year are key for Nio, given several upcoming catalysts. The company has set up shop in Norway and will begin selling EVs in the country, beginning in September, and then expand further to other European nations such as Germany.
The company announced on its earnings call it plans to roll out three new models, including the already-announced ET7 sedan in 2022. More importantly, the company is looking to launch an EV under a different brand name to cater to the mass market, where it has no presence so far.
Nio shares closed Friday’s session down 3.39% at $41.03 and was down an incremental 0.41% at $40.86 in after-hours trading.
Related Link: Why Nio, XPeng, Li Auto Are Likely Beneficiaries Of This Latest Chinese Regulatory Crackdown
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