Cenntro Electric (NASDAQ:CENN) stock closed higher by 52% today after the company announced that it had begun shipments of its Logistar 260 (LS260) and Logistar 100 (LS100) vehicles to European markets. The shipments came ahead of Cenntro’s previously scheduled delivery deadline for the first quarter of next year.
The LS260 has a range of 167 miles and a maximum payload of around 2,821 pounds (lbs) while the LS100 has a range of 100 miles and a maximum payload of 522 kilograms (kgs), or 1,150 lbs. In the press release, Cenntro states that the LS100’s maximum payload is 157 lbs, but that appears to be an error.
Both vehicles have been fully approved for sale for the European Union (EU) and have also received type approval from the EU. This means that the LS100 and LS260 are “eligible for sale in all 27 EU member states and other countries that adopt EU vehicle homologation standards.”
CEO and Chairman Peter Wang added the following about the news:
“Both the LS260 and LS100 have received a strong response from our European customers and despite supply chain challenges we were able to move deliveries ahead of our original timeline of Q1 2023 […] We remain confident that Cenntro is well positioned to meet the growing demands for commercial EVs with vehicles that combine innovation and function without sacrificing performance, creating sustainable value for our customers and shareholders alike.”
With that in mind, let’s take a look at the investors betting big on CENN stock.
5 Investors Betting Big on CENN Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q3, 87 13F filers reported owning CENN stock, an increase of nine filers from the prior quarter. Meanwhile, the institutional put/call ratio sits at 0.4, down from 0.57. That’s equivalent to about 194,900 puts and 486,200 calls, implying a bullish options stance.
So, let’s take a look at the company’s top shareholders. Please note that this list only includes investors who filed a Q3 position update. For example, CEO Peter Wang reportedly owns 71.54 million shares, but that figure is only accurate as of January 2022.
- BlackRock (NYSE:BLK): 9.42 million shares. BlackRock purchased 206,545 shares during Q3.
- State Street (NYSE:STT): 3.52 million shares. State Street purchased 18,771 shares during Q3.
- Geode Capital Management: 1.69 million shares. Geode purchased 35,862 shares during Q3.
- Northern Trust (NASDAQ:NTRS): 1.19 million shares. Northern Trust purchased 1.11 million shares during Q3.
- Vanguard: 687,576 shares. Vanguard sold 31,665 shares during Q3.
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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 InvestorPlace.com Publishing Guidelines.
