NIO (NYSE:NIO) Stock Price Up 2.8% – Here’s What Happened

NIO Inc. (NYSE:NIO)’s share price rose 2.8% during mid-day trading on Thursday. The company traded as high as $3.55 and last traded at $3.5050. Approximately 37,085,515 shares traded hands during mid-day trading, a decline of 0% from the average daily volume of 37,140,352 shares. The stock had previously closed at $3.41.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NIO. Zacks Research lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. lowered shares of NIO from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $7.00 to $4.50 in a report on Wednesday, September 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of NIO in a research note on Wednesday, July 29th. Sanford C. Bernstein cut their price target 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. Finally, Royal Bank Of Canada downgraded shares of NIO to a “sector perform” rating in a report on Thursday, September 3rd. Six equities 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. According to data from MarketBeat, NIO presently has an average rating of “Hold” and a consensus target price of $5.87.

NIO Price Performance

The business has a 50 day simple moving average of $3.89 and a two-hundred day simple moving average of $4.94. The firm has a market capitalization of $8.48 billion, a P/E ratio of -12.65 and a beta of 0.92. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.89 and a current ratio of 1.02.

NIO (NYSE:NIO) last issued its quarterly earnings results on Saturday, August 15th. The company reported $0.00 earnings per share (EPS) for the quarter. NIO had a negative return on equity of 111.37% and a negative net margin of 3.95%. The firm had revenue of $4.73 billion during the quarter. On average, sell-side analysts expect that NIO Inc. will post -0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On NIO

A number of hedge funds and other institutional investors have recently bought and sold shares of NIO. Renaissance Technologies LLC raised its position in shares of NIO by 70.2% during the 1st 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 in the last quarter. Bank of America Corp DE lifted its holdings in shares of NIO by 99.0% during the 1st quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock worth $85,800,000 after acquiring an additional 7,079,903 shares during the last quarter. SG Americas Securities LLC grew its position in NIO by 67.2% in the first quarter. SG Americas Securities LLC now owns 5,027,161 shares of the company’s stock worth $30,314,000 after acquiring an additional 2,020,754 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in NIO in the second quarter worth $19,008,000. Finally, Hsbc Holdings PLC grew 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 worth $8,051,000 after acquiring an additional 1,387,656 shares in the last quarter. Hedge funds and other institutional investors own 48.55% of the company’s stock.

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.