Bank of America Corp DE Purchases 7,079,903 Shares of NIO Inc. $NIO

Key Points

• Bank of America nearly doubled its NIO position in the first quarter, purchasing 7.08 million additional shares and bringing its holdings to 14.23 million shares, or 0.62% of NIO.
• Other institutions, including UBS Asset Management, Invesco and First Trust Advisors, also increased their stakes; institutional investors collectively own 48.55% of NIO.
• NIO shares opened at $4.73, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $6.70, despite mixed individual recommendations.

Bank of America Corp DE grew its position in NIO Inc. (NYSE:NIO - Free Report) by 99.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,228,916 shares of the company's stock after buying an additional 7,079,903 shares during the quarter. Bank of America Corp DE owned 0.62% of NIO worth $85,800,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in NIO by 3,966.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,316,291 shares of the company's stock valued at $20,255,000 after acquiring an additional 5,185,565 shares during the last quarter. Franklin Resources Inc. lifted its stake in NIO by 50.9% during the second quarter. Franklin Resources Inc. now owns 17,707 shares of the company's stock worth $61,000 after purchasing an additional 5,974 shares during the last quarter. Invesco Ltd. lifted its stake in NIO by 22.7% during the second quarter. Invesco Ltd. now owns 2,738,308 shares of the company's stock worth $9,392,000 after purchasing an additional 506,618 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of NIO by 67.4% in the 2nd quarter. First Trust Advisors LP now owns 73,280 shares of the company's stock valued at $251,000 after purchasing an additional 29,501 shares in the last quarter. Finally, AXA S.A. acquired a new stake in shares of NIO in the 2nd quarter valued at $64,000. Institutional investors own 48.55% of the company's stock.

NIO Stock Up 2.8%

Shares of NIO opened at $4.73 on Friday. The company has a market capitalization of $11.74 billion, a PE ratio of -8.59 and a beta of 0.91. NIO Inc. has a 12 month low of $4.37 and a 12 month high of $8.02. The stock's 50-day moving average price is $5.00 and its two-hundred day moving average price is $5.36. The company has a current ratio of 1.01, a quick ratio of 0.90 and a debt-to-equity ratio of 1.94.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NIO. Bank of America reiterated a "neutral" rating and issued a $6.80 price target on shares of NIO in a research note on Thursday, May 21st. Zacks Research raised NIO from a "hold" rating to a "strong-buy" rating in a research note on Monday, July 27th. Weiss Ratings reiterated a "sell (e+)" rating on shares of NIO in a research report on Wednesday, July 29th. Sanford C. Bernstein reiterated a "market perform" rating and issued a $6.00 target price on shares of NIO in a research report on Friday, May 22nd. Finally, The Goldman Sachs Group raised NIO from a "neutral" rating to a "buy" rating and set a $7.00 target price for the company in a research note on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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.

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