NIO (NYSE:NIO) Issues Quarterly Earnings Results, Hits Estimates

NIO (NYSE:NIO) issued its quarterly earnings data on Thursday. The company reported ($2.21) earnings per share for the quarter, hitting the consensus estimate of ($2.21), Briefing.com reports. The company had revenue of $17.45 billion for the quarter, compared to analysts’ expectations of $17.49 billion. NIO had a negative return on equity of 111.91% and a negative net margin of 39.38%. The firm’s revenue for the quarter was up 98.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.51) earnings per share. NIO updated its Q3 2024 guidance to EPS.

NIO Trading Up 3.7 %

NIO stock opened at $5.03 on Friday. NIO has a 12 month low of $3.61 and a 12 month high of $10.88. The firm’s 50-day moving average is $4.27 and its 200 day moving average is $4.71. The company has a market capitalization of $8.65 billion, a PE ratio of -2.98 and a beta of 1.82. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.15 and a quick ratio of 1.03.

Analyst Ratings Changes

NIO has been the topic of several analyst reports. JPMorgan Chase & Co. raised NIO from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $5.30 to $8.00 in a research report on Friday. Citigroup cut their price objective on shares of NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday. Wolfe Research initiated coverage on shares of NIO in a report on Thursday. They issued a “peer perform” rating for the company. Finally, Bank of America lifted their price target on shares of NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.93.

NIO Company 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.