NIO (NYSE:NIO) Stock Price Up 1.3% – Here’s Why

NIO Inc. (NYSE:NIO)’s stock price rose 1.3% during mid-day trading on Tuesday. The company traded as high as $3.49 and last traded at $3.4350. Approximately 24,550,590 shares traded hands during mid-day trading, a decline of 34% from the average daily volume of 36,942,066 shares. The stock had previously closed at $3.39.

Analysts Set New Price Targets

Several research analysts have commented on the stock. The Goldman Sachs Group restated a “buy” rating and set a $6.10 price objective on shares of NIO in a research report on Friday, September 4th. Freedom Broker downgraded NIO from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Citigroup reaffirmed a “buy” rating on shares of NIO in a report on Tuesday, September 1st. Sanford C. Bernstein decreased their price target on NIO from $6.00 to $5.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 2nd. Finally, Zacks Research cut NIO from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Six analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, NIO presently has an average rating of “Hold” and an average price target of $5.87.

NIO Stock Performance

The firm’s fifty day moving average is $3.81 and its 200-day moving average is $4.88. The company has a current ratio of 1.02, a quick ratio of 0.89 and a debt-to-equity ratio of 2.11.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NIO. Bank of America Corp DE increased its holdings in 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. Renaissance Technologies LLC boosted its stake in shares of NIO by 70.2% during the first quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock valued at $87,146,000 after purchasing an additional 5,962,731 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of NIO during the second quarter valued at about $19,008,000. SG Americas Securities LLC grew its holdings in shares of NIO by 67.2% during the first quarter. SG Americas Securities LLC now owns 5,027,161 shares of the company’s stock worth $30,314,000 after purchasing an additional 2,020,754 shares during the last quarter. Finally, Hsbc Holdings PLC grew its holdings 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 worth $8,051,000 after purchasing an additional 1,387,656 shares during the last quarter. 48.55% of the stock is currently owned by institutional investors.

About NIO

NIO Inc is a Chinese smart electric vehicle manufacturer founded in 2014 and headquartered in Shanghai. The company develops, manufactures and sells premium battery-powered passenger vehicles, including sedans, SUVs and coupés. Its vehicle lineup has included models such as the ET7, ET5, ES6, EL6, EL7 and EC6, along with newer vehicles introduced under the NIO and ONVO brands.

In addition to vehicle sales, NIO provides related services and technologies designed to support electric vehicle ownership.