Sumitomo Mitsui Trust Group Inc. Reduces Holdings in Nio Inc – (NYSE:NIO)

Sumitomo Mitsui Trust Group Inc. decreased its holdings in Nio Inc – (NYSE:NIO) by 87.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 424,322 shares of the company’s stock after selling 2,929,058 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in NIO were worth $2,834,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Renaissance Technologies LLC purchased a new position in NIO during the second quarter valued at approximately $1,076,000. International Assets Investment Management LLC lifted its holdings in NIO by 580.9% during the third quarter. International Assets Investment Management LLC now owns 392,343 shares of the company’s stock valued at $2,621,000 after purchasing an additional 334,723 shares in the last quarter. Signaturefd LLC lifted its holdings in NIO by 16.9% during the third quarter. Signaturefd LLC now owns 48,604 shares of the company’s stock valued at $325,000 after purchasing an additional 7,014 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in NIO by 32.1% during the second quarter. Bank of New York Mellon Corp now owns 1,416,709 shares of the company’s stock valued at $5,894,000 after purchasing an additional 343,910 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings 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 purchasing an additional 535,400 shares in the last quarter. Hedge funds and other institutional investors own 48.55% of the company’s stock.

Wall Street Analyst Weigh In

NIO has been the topic of several analyst reports. Wolfe Research started coverage on shares of NIO in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. JPMorgan Chase & Co. upgraded shares of NIO from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $5.30 to $8.00 in a research report on Friday, September 6th. Citigroup reduced 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, September 4th. Bank of America lifted their price objective 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. Finally, Daiwa America upgraded shares of NIO to a “strong-buy” rating in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NIO currently has a consensus rating of “Hold” and a consensus price target of $6.11.

NIO Trading Up 4.0 %

NIO stock opened at $4.67 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.71. Nio Inc – has a twelve month low of $3.61 and a twelve month high of $9.57. The stock has a market capitalization of $8.03 billion, a price-to-earnings ratio of -3.07 and a beta of 1.91. The firm’s fifty day simple moving average is $5.55 and its two-hundred day simple moving average is $4.92.

NIO (NYSE:NIO) last posted its quarterly earnings data on Thursday, September 5th. The company reported ($2.21) earnings per share for the quarter, meeting analysts’ consensus estimates of ($2.21). NIO had a negative net margin of 32.47% and a negative return on equity of 104.61%. The business had revenue of $17.45 billion for the quarter, compared to analysts’ expectations of $17.49 billion. During the same quarter in the previous year, the business posted ($0.51) earnings per share. The business’s revenue was up 98.9% compared to the same quarter last year. As a group, analysts anticipate that Nio Inc – will post -1.37 earnings per share for the current year.

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.