Nio Inc – (NYSE:NIO – Get Free Report)’s stock price traded up 4.9% during mid-day trading on Thursday . The stock traded as high as $3.89 and last traded at $3.88. 15,793,072 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 50,819,566 shares. The stock had previously closed at $3.70.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on NIO shares. JPMorgan Chase & Co. upgraded shares of NIO from an “underweight” rating to a “neutral” rating and upped their price target for the company from $4.80 to $5.40 in a research report on Wednesday, May 15th. Bank of America increased their price objective on NIO from $5.90 to $6.00 and gave the stock a “neutral” rating in a report on Friday, June 7th. Finally, Citigroup reduced their price objective on NIO from $10.40 to $8.50 and set a “buy” rating for the company in a research report on Thursday, June 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, NIO presently has a consensus rating of “Hold” and a consensus target price of $7.55.
NIO Trading Up 6.2 %
NIO (NYSE:NIO – Get Free Report) last announced its quarterly earnings data on Thursday, June 6th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.05). NIO had a negative net margin of 39.38% and a negative return on equity of 111.91%. The firm had revenue of $1.37 billion for the quarter, compared to analysts’ expectations of $1.48 billion. On average, analysts anticipate that Nio Inc – will post -1.41 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of NIO. Ridgewood Investments LLC acquired a new stake in NIO during the 2nd quarter worth about $25,000. Newbridge Financial Services Group Inc. grew its stake in shares of NIO by 272.3% in the first quarter. Newbridge Financial Services Group Inc. now owns 9,400 shares of the company’s stock worth $42,000 after acquiring an additional 6,875 shares during the last quarter. Principal Securities Inc. bought a new position in shares of NIO during the 4th quarter worth about $42,000. BSW Wealth Partners bought a new position in NIO during the first quarter valued at about $46,000. Finally, Sound Income Strategies LLC raised its stake in shares of NIO by 3,333.3% in the first quarter. Sound Income Strategies LLC now owns 10,300 shares of the company’s stock valued at $46,000 after purchasing an additional 10,000 shares in the last quarter. Institutional investors own 48.55% of the company’s stock.
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.
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