NIO (NYSE:NIO) Announces Quarterly Earnings Results, Meets Expectations

NIO (NYSE:NIO) announced its quarterly earnings data on Thursday. The company reported ($2.21) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($2.21), Briefing.com reports. The firm had revenue of $17.45 billion for the quarter, compared to analysts’ expectations of $17.49 billion. NIO had a negative return on equity of 111.91% and a negative net margin of 39.38%. NIO’s revenue for the quarter was up 98.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.51) earnings per share. NIO updated its Q3 2024 guidance to EPS.

NIO Stock Performance

NIO opened at $5.03 on Friday. The stock has a market cap of $8.65 billion, a PE ratio of -2.98 and a beta of 1.82. NIO has a 1 year low of $3.61 and a 1 year high of $10.88. The stock’s 50 day simple moving average is $4.27 and its 200-day simple moving average is $4.71. The company has a current ratio of 1.15, a quick ratio of 1.03 and a debt-to-equity ratio of 0.55.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NIO shares. Wolfe Research started coverage on shares of NIO in a research report on Thursday. They set a “peer perform” rating for the company. Bank of America upped their target price on NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a report on Thursday. JPMorgan Chase & Co. upgraded NIO from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $5.30 to $8.00 in a research report on Friday. Finally, Citigroup cut their price objective on shares of NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $5.93.

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.