5 EV Stocks to Buy According to Cathie Wood

2. NIO Inc. (NYSE:NIO)

Number of Hedge Fund Holders: 30  

NIO Inc. (NYSE:NIO) makes and sells smart electric vehicles. Latest 13F filings show that ARK owned over 420,000 shares of NIO Inc. (NYSE:NIO) at the end of March 2022 worth $8.8 million, representing 0.03% of the portfolio. The firm is a new addition to the ARK portfolio compared to filings for the fourth quarter of 2021. The firm was recently listed on the Main Board of the Singapore Exchange Securities Trading Limited. The listing means that the company is the first Chinese automaker to trade on exchanges in the US, Hong Kong, and Singapore. 

On May 16, analyst Ming Hsun Lee upgraded NIO Inc. (NYSE:NIO) stock to Buy from Neutral and raised the price target to $26 from $25, underlining that the upgrade was based on improving sales and better margins. 

At the end of the fourth quarter of 2021, 30 hedge funds in the database of Insider Monkey held stakes worth $813 million in NIO Inc. (NYSE:NIO), the same as in the preceding quarter worth $1.1 billion.