NIO (NYSE:NIO) Shares Gap Down to $7.21

Nio Inc – (NYSE:NIO) gapped down before the market opened on Thursday . The stock had previously closed at $7.21, but opened at $6.86. NIO shares last traded at $6.93, with a volume of 20,490,367 shares trading hands.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Wolfe Research started coverage on NIO in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. Bank of America upped their price target on shares of NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a research report on Thursday, September 5th. JPMorgan Chase & Co. upgraded shares of NIO from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $5.30 to $8.00 in a research report on Friday, September 6th. Finally, Citigroup cut their price objective on shares of NIO from $8.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $5.93.

NIO Stock Down 5.3 %

The firm has a market cap of $11.74 billion, a P/E ratio of -3.97 and a beta of 1.82. The company’s 50-day simple moving average is $4.69 and its 200 day simple moving average is $4.71. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.11 and a quick ratio of 1.01.

NIO (NYSE:NIO) last issued its quarterly earnings data on Thursday, September 5th. The company reported ($2.21) earnings per share for the quarter, hitting the consensus estimate of ($2.21). The company 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 104.61% and a negative net margin of 32.47%. The firm’s revenue for the quarter was up 98.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.51) earnings per share. Research analysts anticipate that Nio Inc – will post -1.37 EPS for the current fiscal year.

Institutional Investors Weigh In On NIO

A number of institutional investors and hedge funds have recently modified their holdings of NIO. Norges Bank purchased a new position in shares of NIO during the fourth quarter valued at $9,652,000. Azimuth Capital Investment Management LLC purchased a new stake in shares of NIO in the 4th quarter worth approximately $273,000. Prudential PLC lifted its holdings in NIO by 91.9% during the fourth quarter. Prudential PLC now owns 341,043 shares of the company’s stock worth $3,093,000 after buying an additional 163,328 shares during the period. Westwood Holdings Group Inc. purchased a new position in shares of NIO in the 4th quarter valued at $133,000. Finally, Seven Eight Capital LP bought a new position in shares of NIO in the 4th quarter worth $2,943,000. 48.55% of the stock is owned by institutional investors.

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.