Skip to main content

Market Overview

Is ARK Invest's Cathie Wood Interested In Nio?

Share:
Is ARK Invest's Cathie Wood Interested In Nio?

NIO Inc. (NYSE: NIO) shares are seeing a nice upward bounce, and on a technical level the stock is signaling a reversal of a recent downtrend.

With so many catalysts lined up in the near- to medium-term, it is no wonder the stock is grabbing eyeballs.

Nio On Cathy Wood's Radar? Ark Invest's CEO Cathie Wood, a longtime Tesla, Inc. (NASDAQ: TSLA) bull, could be warming to the Chinese electric vehicle startup Nio, according to indications from the fund manager.

Wood said in an interview with Business Insider in March that she's impressed by China's focus on electric vehicles and also said her team is looking into Chinese EV players, including Nio and XPeng Inc. (NYSE: XPEV).

See also: How to Buy Nio Stock

The Chinese government could be backing a local winner in the EV industry as an ecosystem builds around China, Wood said.

The likely winner in the Chinese EV race could be Nio or XPeng or even Tesla, Wood said, adding that a homebred company is more likely to succeed.

Related Link: Tesla's Battery Charging Vs. Nio's Battery Swapping: What Investors Should Know

Fund Buying Reignites Rumors: @AFT Alerts, a Twitter handle that tracks institutional buying and selling, tweeted Friday that 1,231,552 shares of Nio were bought at $39.57 for $48.733 million. This set tongues wagging. In reply, excited Twitterati began to speculate the buying may have been done by ARK Invest.

Nio Gains On Analyst Action, Sector-wide Strength: There is no concrete evidence of Wood's Ark Invest scooping up Nio shares. The strength in the stock may have to do with a positive analyst action.

CLSA analyst Soobin Park initiated coverage of Nio shares with a Buy rating and $50 price target. The stock is also capitalizing on the broader market strength that has spilled over into the EV sector.

NIO Price Action: Nio shares gained 3.76% Friday, closing at $41.08. 

Related Link: Can Nio Stock Go From $40 to $400 In 18 Months?

Photo courtesy of Nio. 

 

Related Articles (NIO)

View Comments and Join the Discussion!

Posted-In: ARK Invest Cathie Wood electric vehicles EVsNews Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com