Andrew Left of Citron Research has sold his Nio Inc. holdings, the noted short seller told MarketWatch
on Tuesday. “When a stock is up 50% in three months, you take profits,” Left said. “I remain positive on Nio ... and still have a man crush on the CEO , he’s super cool.” Related: Wall Street keeps the faith on Tesla despite Musk, SEC tiff Nio’s NIO, +8.78% American depositary receipts rallied 12% on Tuesday, capping a run that saw the ADRs go from $6.60 on Sept. 12, their closing price on their first day on the New York Stock Exchange, to over $10 currently.
All that is still true, but the ADRs had recently become “retail heavy,” particularly after the “60 Minutes” segment over the weekend, Left said. See also: Nio CEO touts its electric cars as ‘ticket to a new lifestyle’ Nio ADRs traded as high as 14% on Tuesday. They are up 58% so far this year, which compares with 12% for the S&P 500 index SPX, -0.08% in the same period. Want news about Asia delivered to your inbox? Subscribe to MarketWatch's free Asia Daily newsletter. Sign up here.
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