NIO (NYSE:NIO) Shares Gap Down Following Weak Earnings

Shares of Nio Inc – (NYSE:NIO) gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $3.52, but opened at $3.40. NIO shares last traded at $3.49, with a volume of 23,227,148 shares traded.

The company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.23). NIO had a negative net margin of 33.41% and a negative return on equity of 113.83%. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $12.46 billion. During the same quarter last year, the firm earned ($2.39) earnings per share. NIO’s revenue was up 21.5% compared to the same quarter last year.

Analysts Set New Price Targets

NIO has been the subject of a number of analyst reports. Barclays reduced their price target on NIO from $4.00 to $3.00 and set an “underweight” rating for the company in a research report on Wednesday. Cfra Research raised NIO to a “hold” rating in a research report on Friday, March 21st. Mizuho reduced their price target on NIO from $4.00 to $3.50 and set a “neutral” rating for the company in a research report on Tuesday. Finally, Citigroup reaffirmed a “buy” rating on shares of NIO in a research report on Monday, April 28th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $4.76.

Hedge Funds Weigh In On NIO

Several large investors have recently made changes to their positions in NIO. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of NIO by 3,966.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,316,291 shares of the company’s stock worth $20,255,000 after purchasing an additional 5,185,565 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of NIO by 83.3% during the 1st quarter. SG Americas Securities LLC now owns 2,109,761 shares of the company’s stock worth $8,038,000 after purchasing an additional 958,750 shares during the last quarter. Trexquant Investment LP acquired a new position in shares of NIO during the 4th quarter worth about $3,305,000. Hsbc Holdings PLC lifted its position in shares of NIO by 96.6% during the 1st quarter. Hsbc Holdings PLC now owns 1,039,162 shares of the company’s stock worth $3,964,000 after purchasing an additional 510,610 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of NIO during the 4th quarter worth about $1,776,000. Institutional investors and hedge funds own 48.55% of the company’s stock.

NIO Stock Up 6.5%

The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98. The firm has a market cap of $7.85 billion, a price-to-earnings ratio of -2.49 and a beta of 1.73. The firm has a 50-day moving average of $3.77 and a two-hundred day moving average of $4.22.

About NIO

NIO Inc designs, manufactures, and sells electric vehicles in the People's Republic of China. The company is also involved in the manufacture of e-powertrain, battery packs, and components; and racing management, technology development, and sales and after-sales management activities. In addition, it offers power solutions for battery charging needs; and other value-added services.