Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Jim Cramer has advised investors to sell their shares in Chinese electric vehicle maker Nio Inc. (NYSE:NIO) as he is “very worried about China.”
What Happened: “We’re done with Chinese IPOs. I want you to sell Nio ... I want you to sell half of it tomorrow, and I hope it goes up,” Cramer said on CNBC’s “Mad Money Lightning Round” on Thursday.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
See Also: Nio's Stock Approaching Important Support Level
Why It Matters: Nio’s shares extended losses to a fifth day on Thursday amid growing concerns about the resurgence of COVID-19 in the Asia-Pacific region as well as regulatory concerns in China.
Shares of many U.S.-listed Chinese stocks are tumbling in recent days after the Chinese government’s crackdown on Chinese ride-hailing company DiDi Global Inc. (NYSE:DIDI). DiDi went public on the New York Stock Exchange in late June.
However, Nio is seeing high interest from retail investors. As of late Thursday, the company was the thirteenth most-discussed stock on Reddit’s r/WallStreetBets forum, data from Quiver Quantitative showed. The WSB forum has 10.6 million members and is known for short squeezes.
Nio’s shares are down almost 32% from its 52-week high of $66.99 reached in January and are also down 6.4% for the year-to-date period.
Price Action: Nio’s shares closed almost 1% lower in Thursday’s regular trading session at $45.60, but rose almost 0.9% in the after-hours session to $46.00.
Read Next: 9 Investor Takeaways From The Crackdown On US-Listed Chinese Stocks
Click here to check out Benzinga's EV Hub for the latest electric vehicles news.
Photo by Jengtingchen on Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.