NIO (NYSE:NIO) Stock Price Up 1.6% – Here’s What Happened

NIO Inc. (NYSE:NIO) shot up 1.6% during mid-day trading on Wednesday. The stock traded as high as $3.55 and last traded at $3.5350. Approximately 25,307,285 shares traded hands during trading, a decline of 32% from the average session volume of 37,141,402 shares. The stock had previously closed at $3.48.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Royal Bank Of Canada lowered shares of NIO to a “sector perform” rating in a report on Thursday, September 3rd. Zacks Research lowered NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Citigroup restated a “buy” rating on shares of NIO in a research note on Tuesday, September 1st. Freedom Broker lowered NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. cut NIO from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $7.00 to $4.50 in a research note on Wednesday, September 2nd. Six research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $5.87.

NIO Trading Up 4.3%

The stock’s fifty day simple moving average is $4.04 and its two-hundred day simple moving average is $5.03. The firm has a market cap of $8.83 billion, a PE ratio of -13.20 and a beta of 0.92. The company has a quick ratio of 0.89, a current ratio of 1.02 and a debt-to-equity ratio of 2.11.

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

Hedge Funds Weigh In On NIO

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its holdings in shares of NIO by 99.0% in the 1st quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock worth $85,800,000 after purchasing an additional 7,079,903 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of NIO by 651.5% during the second quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company’s stock valued at $8,051,000 after buying an additional 1,387,656 shares during the last quarter. Renaissance Technologies LLC increased its holdings in NIO by 70.2% in the 1st quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock worth $87,146,000 after buying an additional 5,962,731 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in NIO in the 2nd quarter worth about $19,008,000. Finally, ABC Arbitrage SA purchased a new position in NIO in the 1st quarter worth about $4,043,000. 48.55% of the stock is currently owned by institutional investors.

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.