NIO (NYSE:NIO) Shares Gap Up to $6.52

Nio Inc – (NYSE:NIO) gapped up before the market opened on Monday . The stock had previously closed at $6.52, but opened at $7.70. NIO shares last traded at $7.37, with a volume of 57,641,008 shares.

Analyst Ratings Changes

Several equities analysts have commented on NIO shares. Wolfe Research initiated coverage on shares of NIO in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. upgraded NIO from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $5.30 to $8.00 in a research note on Friday, September 6th. Citigroup lowered their target price on NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. Finally, Bank of America raised their price objective on shares of NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, NIO has an average rating of “Hold” and an average price target of $5.93.

NIO Trading Up 10.7 %

The business’s 50 day simple moving average is $4.54 and its 200 day simple moving average is $4.68. The company has a market capitalization of $12.41 billion, a price-to-earnings ratio of -4.34 and a beta of 1.82. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.11 and a quick ratio of 1.01.

NIO (NYSE:NIO) last posted its earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share for the quarter, meeting the consensus estimate of ($2.21). NIO had a negative net margin of 32.47% and a negative return on equity of 104.61%. The business had revenue of $17.45 billion for the quarter, compared to analyst estimates of $17.49 billion. During the same quarter in the previous year, the business posted ($0.51) EPS. The business’s quarterly revenue was up 98.9% on a year-over-year basis. Research analysts anticipate that Nio Inc – will post -1.37 EPS for the current year.

Hedge Funds Weigh In On NIO

A number of hedge funds have recently made changes to their positions in NIO. Sanctuary Advisors LLC bought a new stake in NIO during the second quarter worth about $228,000. Truist Financial Corp increased its position in shares of NIO by 32.2% during the second quarter. Truist Financial Corp now owns 25,253 shares of the company’s stock worth $105,000 after acquiring an additional 6,150 shares in the last quarter. Creative Planning lifted its position in shares of NIO by 34.7% during the 2nd quarter. Creative Planning now owns 268,318 shares of the company’s stock worth $1,116,000 after buying an additional 69,143 shares in the last quarter. SIH Partners LLLP increased its holdings in NIO by 104.0% in the 2nd quarter. SIH Partners LLLP now owns 663,540 shares of the company’s stock worth $2,760,000 after acquiring an additional 338,320 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in NIO by 10.7% during the second quarter. The Manufacturers Life Insurance Company now owns 181,043 shares of the company’s stock valued at $753,000 after buying an additional 17,467 shares during the period. Institutional investors and hedge funds own 48.55% of the company’s stock.

About NIO

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.