Nio Inc – (NYSE:NIO) was the recipient of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totalling 84,520,000 shares, a decrease of 23.5% from the August 15th total of 110,480,000 shares. Based on an average daily trading volume, of 136,630,000 shares, the short-interest ratio is currently 0.6 days.
NIO has been the subject of several recent research reports. Morgan Stanley raised shares of NIO from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $12.00 to $20.50 in a research report on Wednesday, August 26th. JPMorgan Chase & Co. raised shares of NIO from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $2.00 to $3.50 in a research note on Wednesday, May 27th. Bank of America reaffirmed a “buy” rating and issued a $18.00 target price on shares of NIO in a report on Wednesday, August 12th. Goldman Sachs Group cut NIO from a “neutral” rating to a “sell” rating and set a $7.00 price target for the company. in a report on Friday, July 17th. Finally, UBS Group upgraded NIO from a “sell” rating to a “neutral” rating and set a $16.30 target price for the company in a research report on Tuesday, August 25th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. NIO has a consensus rating of “Hold” and a consensus price target of $12.46.
Shares of NYSE:NIO opened at $18.73 on Tuesday. The business has a fifty day simple moving average of $15.34 and a 200 day simple moving average of $7.83. The firm has a market cap of $19.22 billion, a P/E ratio of -16.43 and a beta of 2.86. NIO has a 12-month low of $1.19 and a 12-month high of $21.05.
NIO (NYSE:NIO) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($1.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.73). The firm had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.51 billion. The company’s quarterly revenue was up 146.5% on a year-over-year basis. During the same quarter last year, the firm posted ($3.11) earnings per share. On average, equities analysts anticipate that NIO will post -0.73 earnings per share for the current fiscal year.
A number of hedge funds have recently modified their holdings of the stock. Royal Bank of Canada increased its stake in shares of NIO by 919.9% during the first quarter. Royal Bank of Canada now owns 222,587 shares of the company’s stock valued at $618,000 after buying an additional 200,762 shares during the period. Cypress Wealth Services LLC purchased a new position in NIO during the second quarter valued at $125,000. California Public Employees Retirement System boosted its stake in NIO by 9.6% in the 2nd quarter. California Public Employees Retirement System now owns 1,913,089 shares of the company’s stock worth $14,769,000 after purchasing an additional 167,119 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of NIO by 8.9% in the first quarter.
Bank of New York Mellon Corp now owns 1,066,865 shares of the company’s stock worth $2,966,000 after buying an additional 86,915 shares in the last quarter. Finally, Exane Derivatives boosted its stake in NIO by 100.0% during the 2nd quarter. Exane Derivatives now owns 26,000 shares of the company’s stock valued at $201,000 after purchasing an additional 13,000 shares during the last quarter. Institutional investors own 39.43% of the company’s stock.
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.