670,417 Shares in NIO Inc. $NIO Purchased by ABC Arbitrage SA

Key Points

• ABC Arbitrage SA disclosed a new first-quarter stake in NIO, buying 670,417 shares valued at about $4.0 million.
• NIO shares were up 3.2% to $4.93, with the stock trading well below its 52-week high of $8.02.
• Wall Street sentiment is mixed but improving, with Goldman Sachs upgrading NIO to buy; however, the overall consensus rating remains Hold with a $6.70 average price target.

ABC Arbitrage SA bought a new stake in shares of NIO Inc. (NYSE:NIO - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 670,417 shares of the company's stock, valued at approximately $4,043,000.

Several other hedge funds have also recently added to or reduced their stakes in NIO. Atlantic Union Bankshares Corp lifted its holdings in NIO by 98.3% in the 4th quarter. Atlantic Union Bankshares Corp now owns 5,950 shares of the company's stock valued at $30,000 after purchasing an additional 2,950 shares in the last quarter. Allworth Financial LP raised its position in shares of NIO by 183.5% in the third quarter. Allworth Financial LP now owns 6,596 shares of the company's stock valued at $50,000 after buying an additional 4,269 shares during the last quarter. Merkkuri Wealth Advisors LLC purchased a new stake in NIO during the 1st quarter valued at about $41,000. Arax Advisory Partners grew its stake in NIO by 81.6% during the 4th quarter. Arax Advisory Partners now owns 7,758 shares of the company's stock valued at $40,000 after acquiring an additional 3,487 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in NIO in the 4th quarter valued at about $41,000. 48.55% of the stock is owned by institutional investors and hedge funds.

NIO Stock Up 3.2%

Shares of NYSE NIO opened at $4.93 on Tuesday. The company has a 50 day simple moving average of $5.38 and a 200-day simple moving average of $5.38. The company has a market capitalization of $12.25 billion, a P/E ratio of -8.97 and a beta of 0.90. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.01 and a quick ratio of 0.90. NIO Inc. has a 1 year low of $3.96 and a 1 year high of $8.02.

NIO (NYSE:NIO - Get Free Report) last released its quarterly earnings data on Saturday, February 14th. The company reported $0.04 EPS for the quarter. The firm had revenue of $4.95 billion for the quarter. NIO had a negative return on equity of 318.96% and a negative net margin of 8.78%. On average, equities research analysts predict that NIO Inc. will post -0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on NIO shares. The Goldman Sachs Group upgraded NIO from a "neutral" rating to a "buy" rating and set a $7.00 price target for the company in a research report on Monday. Weiss Ratings reiterated a "sell (e+)" rating on shares of NIO in a research report on Friday, May 1st. Dbs Bank raised NIO from a "hold" rating to a "moderate buy" rating in a research note on Monday, March 16th. Sanford C. Bernstein restated a "market perform" rating and issued a $6.00 target price on shares of NIO in a report on Friday, May 22nd. Finally, Bank of America reaffirmed a "neutral" rating and issued a $6.80 target price on shares of NIO in a research note on Thursday, May 21st. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $6.70.

NIO Profile

NIO Inc is a pioneer in the premium electric vehicle (EV) segment, dedicated to the design, development and manufacture of smart, high-performance EVs. Established in November 2014 and headquartered in Shanghai, China, the company focuses on integrating cutting-edge electric propulsion, advanced connectivity and autonomous driving technologies into its automotive platforms. NIO's vision centers on creating a holistic user experience that extends beyond the vehicle itself, encompassing energy services and digital solutions.

The company's product lineup includes flagship SUVs and sedans such as the ES8, ES6, EC6, ET7 and ET5, each engineered to deliver strong performance, long range and a suite of intelligent driver-assistance features.

Want to see what other hedge funds are holding NIO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NIO Inc. (NYSE:NIO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source