NIO Inc. (NYSE:NIO – Get Free Report)’s share price rose 1.9% on Tuesday. The company traded as high as $3.52 and last traded at $3.4850. 30,040,104 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 37,214,727 shares. The stock had previously closed at $3.42.
Analysts Set New Price Targets
Several equities research analysts have recently issued reports on the stock. Sanford C. Bernstein lowered their target price on shares of NIO from $6.00 to $5.00 and set a “market perform” rating for the company in a report on Wednesday, September 2nd. Freedom Broker downgraded NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Royal Bank Of Canada downgraded shares of NIO to a “sector perform” rating in a research note on Thursday, September 3rd. JPMorgan Chase & Co. lowered shares of NIO from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $7.00 to $4.50 in a research report on Wednesday, September 2nd. Finally, Citigroup restated a “buy” rating on shares of NIO in a report on Tuesday, September 1st. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $5.87.
Get Our Latest Stock Analysis on NIO
NIO Stock Up 1.9%
NIO (NYSE:NIO – Get Free Report) last issued its quarterly earnings results on Saturday, August 15th. The company reported $0.00 earnings per share for the quarter. The business had revenue of $4.73 billion for the quarter. NIO had a negative return on equity of 111.37% and a negative net margin of 3.95%. On average, equities analysts predict that NIO Inc. will post -0.13 earnings per share for the current fiscal year.
Institutional Investors Weigh In On NIO
A number of large investors have recently made changes to their positions in the stock. Bank of America Corp DE increased its holdings in shares of NIO by 99.0% in the first quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock valued at $85,800,000 after purchasing an additional 7,079,903 shares during the period. Hsbc Holdings PLC boosted its position in NIO by 651.5% in the second quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company’s stock valued at $8,051,000 after buying an additional 1,387,656 shares during the last quarter. Renaissance Technologies LLC boosted its position in NIO by 70.2% in the first quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock valued at $87,146,000 after buying an additional 5,962,731 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in NIO in the 2nd quarter worth approximately $19,008,000. Finally, ABC Arbitrage SA acquired a new position in NIO in the 1st quarter worth approximately $4,043,000. 48.55% of the stock is owned by hedge funds and other institutional investors.
NIO Company Profile
NIO Inc is a Chinese technology and electric vehicle company headquartered in Shanghai. Founded in 2014, the company designs, develops and sells smart electric vehicles, including SUVs, sedans and other passenger vehicles. Its product portfolio has included models such as the ES6, ES7, ES8, ET5, ET5T and ET7, with model names varying by market.
In addition to vehicle sales, NIO provides related services and technologies, including battery-swapping stations, charging services, mobile charging, digital connectivity and driver-assistance features.
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