B. Riley Wealth Advisors Inc. cut its position in Nio Inc – (NYSE:NIO – Free Report) by 29.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,004 shares of the company’s stock after selling 11,872 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in NIO were worth $121,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also modified their holdings of the company. Ridgewood Investments LLC acquired a new position in shares of NIO in the 2nd quarter valued at $25,000. Sound Income Strategies LLC boosted its stake in NIO by 3,333.3% during the 1st quarter. Sound Income Strategies LLC now owns 10,300 shares of the company’s stock worth $46,000 after purchasing an additional 10,000 shares during the period. Perigon Wealth Management LLC purchased a new position in shares of NIO during the first quarter worth about $51,000. Baader Bank Aktiengesellschaft acquired a new position in shares of NIO in the second quarter valued at approximately $53,000. Finally, Edge Wealth Management LLC purchased a new position in NIO during the 1st quarter worth $54,000. 48.55% of the stock is owned by hedge funds and other institutional investors.
NIO Stock Down 0.8 %
Shares of NIO opened at $6.24 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.71. The firm has a market cap of $10.73 billion, a PE ratio of -3.69 and a beta of 1.86. The company’s fifty day moving average is $4.95 and its two-hundred day moving average is $4.77. Nio Inc – has a fifty-two week low of $3.61 and a fifty-two week high of $9.57.
Analyst Upgrades and Downgrades
A number of brokerages recently weighed in on NIO. JPMorgan Chase & Co. raised NIO from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $5.30 to $8.00 in a report on Friday, September 6th. Wolfe Research assumed coverage on NIO in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. Citigroup reduced their price objective on NIO from $8.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Daiwa America raised shares of NIO to a “strong-buy” rating in a research note on Monday, September 30th. Finally, Bank of America raised their price target on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, NIO currently has a consensus rating of “Hold” and an average price target of $5.93.
Check Out Our Latest Analysis on NIO
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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