NIO (NYSE:NIO) Shares Climb 1.3% – Here’s Why

Shares of NIO Inc. (NYSE:NIO) shot up 1.3% during mid-day trading on Wednesday. The company traded as high as $3.47 and last traded at $3.4450. 26,626,599 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 37,426,121 shares. The stock had previously closed at $3.40.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on NIO shares. Freedom Broker downgraded NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Royal Bank Of Canada downgraded NIO to a “sector perform” rating in a research note on Thursday, September 3rd. Citigroup reissued a “buy” rating on shares of NIO in a report on Tuesday, September 1st. 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. Finally, Sanford C. Bernstein reduced their price objective on shares of NIO from $6.00 to $5.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 2nd. Six 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’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $5.87.

NIO Price Performance

The firm’s 50-day moving average price is $4.16 and its 200-day moving average price is $5.11. 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 stock has a market capitalization of $8.46 billion, a PE ratio of -12.61 and a beta of 0.93.

NIO (NYSE:NIO) last announced its quarterly earnings results on Saturday, August 15th. The company reported $0.00 EPS 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 during the quarter. On average, equities analysts forecast that NIO Inc. will post -0.13 EPS for the current fiscal year.

Institutional Trading of NIO

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its stake in NIO by 70.2% during the first 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 during the period. Bank of America Corp DE raised its stake in shares of NIO by 99.0% in the first 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 during the period. SG Americas Securities LLC raised its stake in shares of NIO by 67.2% in the first quarter. SG Americas Securities LLC now owns 5,027,161 shares of the company’s stock valued at $30,314,000 after acquiring an additional 2,020,754 shares during the period. Assenagon Asset Management S.A. bought a new stake in shares of NIO in the 2nd quarter worth about $19,008,000. Finally, Hsbc Holdings PLC lifted its holdings in shares of NIO by 651.5% in the 2nd 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 during 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.