Nio Inc – (NYSE:NIO – Get Free Report) shares were up 3.1% during trading on Wednesday . The company traded as high as $4.29 and last traded at $4.28. Approximately 19,645,780 shares changed hands during trading, a decline of 61% from the average daily volume of 50,892,832 shares. The stock had previously closed at $4.15.
Wall Street Analyst Weigh In
A number of research analysts have recently weighed in on NIO shares. JPMorgan Chase & Co. upgraded NIO from an “underweight” rating to a “neutral” rating and raised their price target for the company from $4.80 to $5.40 in a research report on Wednesday, May 15th. Citigroup reduced their price target on shares of NIO from $10.40 to $8.50 and set a “buy” rating on the stock in a report on Thursday, June 6th. Finally, Bank of America raised their price objective on shares of NIO from $5.90 to $6.00 and gave the stock a “neutral” rating in a research note on Friday, June 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, NIO currently has a consensus rating of “Hold” and an average target price of $6.90.
View Our Latest Stock Analysis on NIO
NIO Stock Up 2.7 %
NIO (NYSE:NIO – Get Free Report) last issued its quarterly earnings results on Thursday, June 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.05). The business had revenue of $1.37 billion during the quarter, compared to analyst estimates of $1.48 billion. NIO had a negative return on equity of 111.91% and a negative net margin of 39.38%. As a group, sell-side analysts forecast that Nio Inc – will post -1.43 EPS for the current year.
Hedge Funds Weigh In On NIO
A number of hedge funds have recently made changes to their positions in NIO. Mirae Asset Global Investments Co. Ltd. boosted its holdings in NIO by 23.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,317,758 shares of the company’s stock valued at $10,430,000 after acquiring an additional 439,474 shares during the last quarter. Electron Capital Partners LLC increased its position in NIO by 5.6% during the 4th quarter. Electron Capital Partners LLC now owns 4,429,960 shares of the company’s stock worth $40,180,000 after purchasing an additional 235,521 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in NIO by 127.1% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 378,638 shares of the company’s stock valued at $1,704,000 after buying an additional 211,936 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in NIO by 28.2% during the first quarter. CANADA LIFE ASSURANCE Co now owns 2,431,771 shares of the company’s stock valued at $10,950,000 after buying an additional 535,400 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in NIO during the first quarter worth approximately $448,000. Institutional investors and hedge funds own 48.55% of the company’s stock.
NIO Company Profile
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.
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