Nio Inc – (NYSE:NIO – Get Free Report)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $5.32, but opened at $5.76. NIO shares last traded at $5.79, with a volume of 18,930,090 shares traded.
Wall Street Analysts Forecast Growth
Several research analysts recently commented on NIO shares. Bank of America increased their price objective on NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Wolfe Research assumed coverage on shares of NIO in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. JPMorgan Chase & Co. upgraded shares of NIO from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $5.30 to $8.00 in a report on Friday, September 6th. Finally, Citigroup lowered their target price on NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.93.
Read Our Latest Stock Report on NIO
NIO Stock Up 8.8 %
NIO (NYSE:NIO – Get Free Report) last issued its quarterly earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share for the quarter, hitting analysts’ consensus estimates of ($2.21). The firm had revenue of $17.45 billion during the quarter, compared to analysts’ expectations of $17.49 billion. NIO had a negative net margin of 32.47% and a negative return on equity of 104.61%. NIO’s quarterly revenue was up 98.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.51) EPS. As a group, equities research analysts expect that Nio Inc – will post -1.41 EPS for the current fiscal year.
Hedge Funds Weigh In On NIO
Several institutional investors have recently added to or reduced their stakes in NIO. Sanctuary Advisors LLC acquired a new position in NIO during the 2nd quarter worth approximately $228,000. Truist Financial Corp raised its position in NIO by 32.2% in the second quarter. Truist Financial Corp now owns 25,253 shares of the company’s stock worth $105,000 after acquiring an additional 6,150 shares in the last quarter. Creative Planning lifted its holdings in NIO by 34.7% in the second quarter. Creative Planning now owns 268,318 shares of the company’s stock valued at $1,116,000 after acquiring an additional 69,143 shares during the period. SIH Partners LLLP boosted its position in shares of 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 purchasing an additional 338,320 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of NIO by 10.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 181,043 shares of the company’s stock worth $753,000 after purchasing an additional 17,467 shares during the period. 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.
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