NIO (NYSE:NIO) Shares Climb 1.6% - Here's What Happened

Key Points

• NIO shares rose 1.6% to $3.535 during Wednesday trading, while volume fell 32% below the stock’s average daily volume.
• Analyst sentiment remains mixed but leans toward caution: the consensus rating is “Hold”, with an average price target of $5.87 after several firms cut targets or downgraded the stock.
• NIO reported $4.73 billion in quarterly revenue and break-even EPS, but remains unprofitable, with a negative 111.37% return on equity and a projected full-year loss of $0.13 per share.

Shares of NIO Inc. (NYSE:NIO - Get Free Report) were up 1.6% during trading on Wednesday. The company traded as high as $3.55 and last traded at $3.5350. 25,307,285 shares changed hands during trading, a decline of 32% from the average daily volume of 37,141,402 shares. The stock had previously closed at $3.48.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NIO. Sanford C. Bernstein dropped their target price on NIO from $6.00 to $5.00 and set a "market perform" rating for the company in a research report on Wednesday, September 2nd. Citigroup reissued a "buy" rating on shares of NIO in a research note on Tuesday, September 1st. Royal Bank Of Canada downgraded NIO to a "sector perform" rating in a research report on Thursday, September 3rd. Zacks Research lowered NIO from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. lowered shares of NIO from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $7.00 to $4.50 in a research note on Wednesday, September 2nd. Six investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $5.87.

NIO Trading Up 1.6%

The company has a current ratio of 1.02, a quick ratio of 0.89 and a debt-to-equity ratio of 2.11. The stock has a 50-day simple moving average of $4.09 and a two-hundred day simple moving average of $5.06. The firm has a market capitalization of $8.78 billion, a P/E ratio of -13.09 and a beta of 0.92.

NIO (NYSE:NIO - Get Free Report) last posted its quarterly earnings results on Saturday, August 15th. The company reported $0.00 earnings per share (EPS) for the quarter. The business had revenue of $4.73 billion for the quarter. NIO had a negative return on equity of 111.37% and a negative net margin of 3.95%. On average, equities research analysts anticipate that NIO Inc. will post -0.13 earnings per share for the current year.

Institutional Investors Weigh In On NIO

Several large investors have recently modified their holdings of NIO. Renaissance Technologies LLC raised its stake in NIO by 70.2% in the first quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company's stock worth $87,146,000 after buying an additional 5,962,731 shares in the last quarter. Bank of America Corp DE raised its position in shares of NIO by 99.0% in the 1st quarter. Bank of America Corp DE now owns 14,228,916 shares of the company's stock worth $85,800,000 after acquiring an additional 7,079,903 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of NIO by 67.2% during the 1st quarter. SG Americas Securities LLC now owns 5,027,161 shares of the company's stock worth $30,314,000 after purchasing an additional 2,020,754 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in NIO during the second quarter valued at about $19,008,000. Finally, Hsbc Holdings PLC grew its stake in NIO by 651.5% in the second quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company's stock valued at $8,051,000 after purchasing an additional 1,387,656 shares during the last quarter. Institutional investors own 48.55% of the company's stock.

NIO Company Profile

NIO Inc is a Chinese technology and electric vehicle company headquartered in Shanghai. Founded in 2014, the company designs, develops and sells smart electric vehicles, including SUVs, sedans and other passenger vehicles. Its product portfolio has included models such as the ES6, ES7, ES8, ET5, ET5T and ET7, with model names varying by market.

In addition to vehicle sales, NIO provides related services and technologies, including battery-swapping stations, charging services, mobile charging, digital connectivity and driver-assistance features.

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.