NIO Inc. (NYSE:NIO) Shares Sold by Harvest Fund Management Co. Ltd

Key Points

• Harvest Fund Management Co. Ltd significantly reduced its stake in NIO Inc. by 91.3%, reducing its holdings to $40,000 after selling 110,000 shares in the first quarter.
• Several institutional investors, including SG Americas Securities LLC and Bridgewater Associates LP, increased their stakes in NIO, indicating fluctuating investor interest in the stock.
• NIO reported a quarterly EPS of ($0.45), missing estimates, with revenues of $1.66 billion, despite achieving a year-over-year growth of 21.5%.

Harvest Fund Management Co. Ltd cut its holdings in shares of NIO Inc. (NYSE:NIO - Free Report) by 91.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 10,421 shares of the company's stock after selling 110,000 shares during the period. Harvest Fund Management Co. Ltd's holdings in NIO were worth $40,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mackenzie Financial Corp acquired a new stake in NIO in the first quarter valued at approximately $61,000. RWC Asset Management LLP acquired a new stake in NIO in the first quarter valued at approximately $121,000. Trilogy Capital Inc. boosted its stake in NIO by 1,307.5% in the first quarter. Trilogy Capital Inc. now owns 144,356 shares of the company's stock valued at $550,000 after acquiring an additional 134,100 shares in the last quarter. Avantax Advisory Services Inc. boosted its stake in NIO by 16.3% in the first quarter. Avantax Advisory Services Inc. now owns 37,943 shares of the company's stock valued at $145,000 after acquiring an additional 5,306 shares in the last quarter. Finally, Tempus Wealth Planning LLC boosted its stake in NIO by 7.4% in the first quarter. Tempus Wealth Planning LLC now owns 42,710 shares of the company's stock valued at $163,000 after acquiring an additional 2,943 shares in the last quarter. 48.55% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Morgan Stanley reaffirmed a "buy" rating on shares of NIO in a report on Monday, July 14th. The Goldman Sachs Group raised shares of NIO from a "sell" rating to a "neutral" rating and raised their price target for the stock from $3.70 to $3.80 in a report on Tuesday, June 17th. Barclays decreased their price target on shares of NIO from $4.00 to $3.00 and set an "underweight" rating for the company in a report on Wednesday, June 4th. Mizuho decreased their price target on shares of NIO from $4.00 to $3.50 and set a "neutral" rating for the company in a report on Tuesday, June 3rd. Finally, Citigroup reaffirmed a "buy" rating on shares of NIO in a report on Monday, April 28th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $4.74.

NIO Stock Performance

NIO traded down $0.11 on Tuesday, reaching $4.50. The stock had a trading volume of 38,105,739 shares, compared to its average volume of 51,541,406. NIO Inc. has a 12-month low of $3.02 and a 12-month high of $7.71. The company has a current ratio of 0.84, a quick ratio of 0.69 and a debt-to-equity ratio of 1.89. The business's 50-day moving average price is $3.90 and its two-hundred day moving average price is $4.05. The company has a market cap of $9.38 billion, a P/E ratio of -2.77 and a beta of 1.42.

NIO (NYSE:NIO - Get Free Report) last released 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 firm had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $12.46 billion. During the same period in the previous year, the firm posted ($2.39) EPS. The firm's quarterly revenue was up 21.5% on a year-over-year basis. Sell-side analysts forecast that NIO Inc. will post -1.43 earnings per share for the current year.

NIO 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.