NIO (NYSE:NIO) Trading Up 2.5% – Here’s Why

Shares of Nio Inc – (NYSE:NIO) were up 2.5% during trading on Friday . The company traded as high as $4.53 and last traded at $4.49. Approximately 16,438,614 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 56,709,816 shares. The stock had previously closed at $4.38.

Analysts Set New Price Targets

Several analysts have recently weighed in on NIO shares. Bank of America lifted their price target on shares of NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Citigroup lowered their target price on NIO from $8.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. The Goldman Sachs Group lowered NIO from a “neutral” rating to a “sell” rating and cut their price target for the company from $4.80 to $3.90 in a research note on Monday. Macquarie lowered shares of NIO from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $6.60 to $4.80 in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. raised shares of NIO from a “neutral” rating to an “overweight” rating and raised their target price for the company from $5.30 to $8.00 in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $5.71.

NIO Stock Performance

The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98. The stock has a market cap of $7.70 billion, a PE ratio of -2.97 and a beta of 1.91. The business’s 50-day moving average price is $5.42 and its 200-day moving average price is $4.88.

NIO (NYSE:NIO) last released its quarterly earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($2.21). NIO had a negative net margin of 33.41% and a negative return on equity of 113.83%. The business had revenue of $17.45 billion for the quarter, compared to analyst estimates of $17.49 billion. During the same period in the previous year, the company earned ($0.51) earnings per share. The business’s revenue for the quarter was up 98.9% on a year-over-year basis. As a group, equities research analysts expect that Nio Inc – will post -1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NIO

Several hedge funds have recently modified their holdings of NIO. Renaissance Technologies LLC purchased a new stake in shares of NIO during the second quarter valued at $1,076,000. International Assets Investment Management LLC raised its stake in shares of NIO by 580.9% in the third quarter. International Assets Investment Management LLC now owns 392,343 shares of the company’s stock worth $2,621,000 after purchasing an additional 334,723 shares during the last quarter. Signaturefd LLC boosted its position in NIO by 16.9% in the third quarter. Signaturefd LLC now owns 48,604 shares of the company’s stock valued at $325,000 after buying an additional 7,014 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in NIO by 32.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,416,709 shares of the company’s stock worth $5,894,000 after buying an additional 343,910 shares during the period. Finally, SIH Partners LLLP raised its position in NIO by 104.0% during the 2nd quarter. SIH Partners LLLP now owns 663,540 shares of the company’s stock worth $2,760,000 after buying an additional 338,320 shares during the last quarter. Institutional investors and hedge funds own 48.55% of the company’s stock.

About NIO

NIO Inc designs, manufactures, and sells electric vehicles in the People's Republic of China. The company is also involved in the manufacture of e-powertrain, battery packs, and components; and racing management, technology development, and sales and after-sales management activities. In addition, it offers power solutions for battery charging needs; and other value-added services.