Baillie Gifford Trimmed Its Stake in NIO Stock

Source: Piotr Swat /

Baillie Gifford is best known for its high-conviction plays on growth stocks. Yesterday, the Scottish asset management firm filed an amended Schedule 13G to document its stake in Nio (NYSE:NIO).

The filing revealed that Baillie owned 114.63 million shares of NIO stock as of Dec. 31, which is equivalent to a 5.97% ownership stake. Baillie owned 114.90 million shares as of the end of the third quarter, meaning that it sold off 268,515 shares, or 0.23% of its position. Following the sale, Nio clocks in as Baillie’s 30th largest 13F holding out of 288 total positions. Baillie has an average 13F holding period of 20.02 quarters, or about five years.

Since the sale was less than 1% of Baillie’s prior position, it doesn’t appear to be material or due to a loss of conviction. Baillie may be using the funds for other opportunities or to build up cash. On top of that, Baillie also reported trimming its stake in other companies, such as Spotify (NYSE:SPOT) and The Trade Desk (NASDAQ:TTD).

NIO Stock: Baillie Gifford Sells 268,515 Shares

According to WhaleWisdom, Baillie first purchased shares of Nio during the third quarter of 2018, which is when the Chinese electric vehicle (EV) company began trading on the New York Stock Exchange. Since it began trading, Nio has shed about 38% of its value.

So, how do other 13F filers view NIO stock? As of the end of the third quarter, 446 13F filers disclosed a stake in the company, a decline of 15 filers from the prior quarter. Four of the filers own NIO in their top 10 positions, up from three filers. The total number of shares owned by these filers declined by a significant 14.95% to 407.32 million, down from 478.90 million. That certainly isn’t a bullish signal.

Hedge funds were even more bearish. 76 hedge funds disclosed a stake in NIO, a decline of 13 filers from the prior quarter. Only one of these filers owns NIO in its top 10 positions, down from two filers. Furthermore, total shares owned by hedge funds fell by a whopping 25.77% to 45.19 million, down from 60.88 million.

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 Publishing Guidelines.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

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