Bank of America Forecasts Strong Price Appreciation for NIO (NYSE:NIO) Stock

Key Points

• Bank of America has raised its price objective for NIO stock from $5.00 to $7.10, suggesting a potential upside of 16.11% from its previous close.
• The stock is currently rated as "neutral" by Bank of America, while other analysts have mixed ratings, including a "buy" from Morgan Stanley and a "sell" from Barclays.
• NIO recently reported a quarterly loss with an earnings per share of ($0.45), falling short of analysts' estimates, despite a 21.5% year-over-year increase in revenue.

NIO (NYSE:NIO - Get Free Report) had its price objective lifted by analysts at Bank of America from $5.00 to $7.10 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Bank of America's price objective suggests a potential upside of 16.11% from the stock's previous close.

Other equities research analysts also recently issued research reports about the stock. Morgan Stanley reaffirmed a "buy" rating on shares of NIO in a research report on Monday, July 14th. Barclays decreased their target price on shares of NIO from $4.00 to $3.00 and set an "underweight" rating for the company in a research report on Wednesday, June 4th. JPMorgan Chase & Co. upgraded shares of NIO from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $4.80 to $8.00 in a research report on Tuesday, August 26th. Mizuho upped their target price on shares of NIO from $3.50 to $6.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, The Goldman Sachs Group raised shares of NIO from a "sell" rating to a "neutral" rating and upped their price target for the stock from $3.70 to $3.80 in a research note on Tuesday, June 17th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $5.83.

NIO Stock Down 7.1%

Shares of NIO traded down $0.47 during midday trading on Wednesday, hitting $6.12. The company had a trading volume of 55,527,313 shares, compared to its average volume of 55,520,676. The company has a quick ratio of 0.69, a current ratio of 0.84 and a debt-to-equity ratio of 1.89. NIO has a 52 week low of $3.02 and a 52 week high of $7.71. The company's 50 day moving average price is $4.67 and its 200 day moving average price is $4.22. The stock has a market cap of $12.76 billion, a price-to-earnings ratio of -3.77 and a beta of 1.20.

NIO (NYSE:NIO - Get Free Report) last announced its quarterly earnings data on Tuesday, June 3rd. The company reported ($0.45) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.23). NIO had a negative net margin of 35.51% and a negative return on equity of 286.45%. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $12.46 billion. During the same period in the prior year, the company earned ($2.39) EPS. NIO's quarterly revenue was up 21.5% on a year-over-year basis. On average, equities research analysts predict that NIO will post -1.43 EPS for the current year.

Institutional Investors Weigh In On NIO

A number of large investors have recently made changes to their positions in the company. Marex Group plc acquired a new stake in shares of NIO during the second quarter valued at approximately $916,000. Wellington Capital Management Inc. acquired a new position in NIO in the 2nd quarter valued at approximately $605,000. Headlands Technologies LLC acquired a new position in NIO in the 2nd quarter valued at approximately $240,000. CANADA LIFE ASSURANCE Co increased its stake in NIO by 16.0% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 936,736 shares of the company's stock valued at $3,220,000 after buying an additional 129,236 shares during the period. Finally, Vident Advisory LLC increased its stake in NIO by 110.4% in the 2nd quarter. Vident Advisory LLC now owns 101,422 shares of the company's stock valued at $348,000 after buying an additional 53,214 shares during the period. Institutional investors and hedge funds own 48.55% of the company's stock.

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.

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