Principal Financial Group Inc. Acquires 43,839 Shares of Nio Inc – (NYSE:NIO)

Principal Financial Group Inc. raised its stake in Nio Inc – (NYSE:NIO) by 140.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,100 shares of the company’s stock after buying an additional 43,839 shares during the period. Principal Financial Group Inc.’s holdings in NIO were worth $502,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NIO. Allspring Global Investments Holdings LLC acquired a new stake in shares of NIO during the 3rd quarter valued at $32,000. Caprock Group LLC acquired a new position in shares of NIO in the second quarter worth approximately $63,000. AE Wealth Management LLC bought a new stake in NIO in the second quarter valued at approximately $75,000. First Trust Direct Indexing L.P. acquired a new stake in NIO during the 3rd quarter valued at approximately $76,000. Finally, Apollon Wealth Management LLC bought a new position in NIO during the 3rd quarter worth approximately $78,000. Institutional investors own 48.55% of the company’s stock.

NIO Stock Up 1.8 %

NIO stock opened at $4.63 on Monday. The stock’s 50 day moving average is $4.71 and its 200-day moving average is $4.80. The firm has a market capitalization of $7.96 billion, a PE ratio of -3.07 and a beta of 1.70. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98. Nio Inc – has a twelve month low of $3.61 and a twelve month high of $8.47.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. The Goldman Sachs Group lowered shares of NIO from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $4.80 to $3.90 in a research note on Monday, November 25th. Daiwa America upgraded NIO to a “strong-buy” rating in a report on Monday, September 30th. Finally, Macquarie cut NIO from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $6.60 to $4.80 in a report on Wednesday, November 20th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.71.

NIO Profile

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.