Shares of Nio Inc – (NYSE:NIO – Get Free Report) traded up 1.5% during mid-day trading on Tuesday . The company traded as high as $6.98 and last traded at $6.78. 51,897,809 shares were traded during trading, a decline of 6% from the average session volume of 55,045,738 shares. The stock had previously closed at $6.68.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on NIO shares. Citigroup lowered their price target on NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Bank of America lifted their target price on shares of NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. JPMorgan Chase & Co. upgraded NIO from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $5.30 to $8.00 in a report on Friday, September 6th. Finally, Wolfe Research assumed coverage on NIO in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, NIO presently has a consensus rating of “Hold” and an average target price of $5.93.
NIO Stock Up 5.2 %
NIO (NYSE:NIO – Get Free Report) last announced its quarterly earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($2.21). NIO had a negative return on equity of 104.61% and a negative net margin of 32.47%. The firm had revenue of $17.45 billion during the quarter, compared to analyst estimates of $17.49 billion. During the same quarter in the previous year, the business earned ($0.51) earnings per share. NIO’s quarterly revenue was up 98.9% on a year-over-year basis. Equities analysts predict that Nio Inc – will post -1.37 EPS for the current year.
Institutional Trading of NIO
A number of institutional investors and hedge funds have recently added to or reduced their stakes in NIO. Ridgewood Investments LLC acquired a new stake in NIO during the 2nd quarter worth $25,000. Sound Income Strategies LLC raised its holdings in NIO by 3,333.3% in the first quarter. Sound Income Strategies LLC now owns 10,300 shares of the company’s stock valued at $46,000 after acquiring an additional 10,000 shares in the last quarter. Perigon Wealth Management LLC acquired a new stake in NIO during the first quarter worth approximately $51,000. Baader Bank Aktiengesellschaft acquired a new position in shares of NIO in the 2nd quarter valued at $53,000. Finally, Edge Wealth Management LLC acquired a new position in NIO in the 1st quarter valued at about $54,000. 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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