Warren Buffett reduced his holdings in China EV giant BYD last week, with Berkshire Hathaway reporting late Thursday it sold 4.235 million Hong Kong-listed shares of BYD for $139 million. The Warren Buffett stock advanced Thursday.
Buffett's Berkshire Hathaway made the sale on Friday, Feb. 3. The move lowered its BYD holdings of H-shares to 11.87%, down from 12.26%, according to the Hong Kong Stock Exchange filing.
Berkshire Hathaway's decision to sell off BYD shares is the latest in a number BYD Hong Kong position reductions from Buffett dating back August 2022.
Warren Buffett Stock: BYD
BYDDF shares edged up 3% to 31.32 Thursday in market trade. On Wednesday, the Warren Buffett stock dropped 2.3% to 30.36 amid lower than average volume. Shares are testing support at the stock's 200-day moving average, according to MarketSmith charts.
BYD has rapidly grown to become a top EV competitor to Tesla in China. The China-based auto giant saw sales fall to 151,341 vehicles in January, ending a 10-month streak of growth. However, last week, China EV sales rebounded broadly. BYD had 24,280 total insurance registrations for the week, up 360% compared to a week prior.
Between Jan. 30-Feb. 5, China-EV startups Li Auto had 2,240 registrations, Nio saw 1,948 and XPeng totaled 975.
The Warren Buffett stock does not have a Composite Rating. The stock has an 78 Relative Strength Rating, an exclusive IBD Stock Checkup gauge for share-price movement. The EPS rating is 82.
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