NIO Inc. (NYSE:NIO – Get Free Report)’s share price traded down 3.1% on Thursday . The stock traded as low as $3.57 and last traded at $3.5850. Approximately 42,301,516 shares traded hands during trading, an increase of 12% from the average daily volume of 37,938,066 shares. The stock had previously closed at $3.70.
Analyst Ratings Changes
Several brokerages recently issued reports on NIO. JPMorgan Chase & Co. lowered shares of NIO from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $7.00 to $4.50 in a research report on Wednesday, September 2nd. Sanford C. Bernstein cut their price objective on NIO from $6.00 to $5.00 and set a “market perform” rating for the company in a report on Wednesday, September 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $6.10 price objective on shares of NIO in a report on Friday, September 4th. Royal Bank Of Canada lowered NIO to a “sector perform” rating in a research note on Thursday, September 3rd. Finally, Freedom Broker downgraded shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Six equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $6.21.
View Our Latest Research Report on NIO
NIO Stock Performance
NIO (NYSE:NIO – Get Free Report) last announced its quarterly earnings results on Saturday, August 15th. The company reported $0.00 EPS for the quarter. NIO had a negative return on equity of 111.37% and a negative net margin of 3.95%.The business had revenue of $4.73 billion for the quarter. On average, sell-side analysts anticipate that NIO Inc. will post -0.16 earnings per share for the current year.
Hedge Funds Weigh In On NIO
Several hedge funds have recently made changes to their positions in NIO. Renaissance Technologies LLC increased its position in NIO by 70.2% during the 1st quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock valued at $87,146,000 after purchasing an additional 5,962,731 shares during the period. Bank of America Corp DE increased its position in NIO by 99.0% during the 1st quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock valued at $85,800,000 after buying an additional 7,079,903 shares in the last quarter. Voloridge Investment Management LLC increased its holdings in shares of NIO by 14.4% during the fourth quarter. Voloridge Investment Management LLC now owns 13,498,709 shares of the company’s stock valued at $68,843,000 after acquiring an additional 1,694,023 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in NIO by 3,966.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,316,291 shares of the company’s stock valued at $20,255,000 after purchasing an additional 5,185,565 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in NIO by 67.2% in the 1st quarter. SG Americas Securities LLC now owns 5,027,161 shares of the company’s stock worth $30,314,000 after acquiring an additional 2,020,754 shares during the last quarter. 48.55% of the stock is owned by hedge funds and other institutional investors.
NIO Company Profile
NIO Inc is a Chinese smart electric vehicle company founded in 2014 and headquartered in Shanghai. The company designs, develops and sells battery-powered passenger vehicles, with a focus on combining electric mobility with digital connectivity, autonomous-driving capabilities and premium user services.
NIO’s vehicle lineup has included electric SUVs, sedans and station wagons marketed under the NIO brand. Its services include battery charging and swapping, mobile charging, battery upgrades, vehicle financing and maintenance support.
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