NIO (NYSE:NIO) Stock Price Up 1.2% – Time to Buy?
by Tristan Rich · The Markets DailyNIO Inc. (NYSE:NIO – Get Free Report)’s share price rose 1.2% during trading on Tuesday . The stock traded as high as $3.79 and last traded at $3.7150. Approximately 38,345,304 shares changed hands during mid-day trading, an increase of 2% from the average session volume of 37,615,656 shares. The stock had previously closed at $3.67.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on the company. Sanford C. Bernstein dropped their target price on NIO from $6.00 to $5.00 and set a “market perform” rating for the company in a report on Wednesday, September 2nd. The Goldman Sachs Group restated a “buy” rating and issued a $6.10 price target on shares of NIO in a research note on Friday, September 4th. Citigroup reiterated a “buy” rating on shares of NIO in a research note on Tuesday, September 1st. JPMorgan Chase & Co. downgraded shares of NIO from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $7.00 to $4.50 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 investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.98.
Check Out Our Latest Research Report on NIO
NIO Stock Performance
The company has a 50 day moving average price of $4.37 and a 200-day moving average price of $5.21. The company has a current ratio of 1.02, a quick ratio of 0.89 and a debt-to-equity ratio of 2.11. The company has a market cap of $9.22 billion, a P/E ratio of -13.76 and a beta of 0.92.
NIO (NYSE:NIO – Get Free Report) last announced its quarterly earnings data on Saturday, August 15th. The company reported $0.00 earnings per share for the quarter. The business had revenue of $4.73 billion during the quarter. NIO had a negative return on equity of 111.37% and a negative net margin of 3.95%. On average, equities analysts expect that NIO Inc. will post -0.13 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE boosted 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 valued at $85,800,000 after acquiring an additional 7,079,903 shares in the last quarter. Hsbc Holdings PLC raised 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 valued at $8,051,000 after purchasing an additional 1,387,656 shares during the last quarter. Renaissance Technologies LLC raised its position in NIO by 70.2% in 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 during the last quarter. Assenagon Asset Management S.A. bought a new position in NIO in the second quarter valued at about $19,008,000. Finally, ABC Arbitrage SA acquired a new stake in shares of NIO during the first quarter valued at about $4,043,000. Institutional investors own 48.55% of the company’s stock.
About NIO
NIO Inc is a Chinese smart electric vehicle company founded in 2014 and headquartered in Shanghai. The company designs, develops and sells battery-powered passenger vehicles, with a focus on combining electric mobility with digital connectivity, autonomous-driving capabilities and premium user services.
NIO’s vehicle lineup has included electric SUVs, sedans and station wagons marketed under the NIO brand. Its services include battery charging and swapping, mobile charging, battery upgrades, vehicle financing and maintenance support.