NIO (NYSE:NIO) Shares Gap Up on Analyst Upgrade

Shares of Nio Inc – (NYSE:NIO) gapped up prior to trading on Thursday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $4.24, but opened at $4.41. JPMorgan Chase & Co. now has a $8.00 price target on the stock, up from their previous price target of $5.30. NIO shares last traded at $4.50, with a volume of 21,181,309 shares trading hands.

Other analysts have also recently issued reports about the company. Wolfe Research initiated coverage on NIO in a research note on Thursday. They set a “peer perform” rating for the company. Bank of America increased their target price on shares of NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a report on Thursday. Finally, Citigroup decreased their price target on NIO from $8.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, NIO has an average rating of “Hold” and an average price target of $5.93.

Institutional Investors Weigh In On NIO

A number of institutional investors have recently modified their holdings of NIO. Hsbc Holdings PLC grew its position in NIO by 238.6% during the fourth quarter. Hsbc Holdings PLC now owns 7,062,460 shares of the company’s stock worth $64,070,000 after buying an additional 4,976,403 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in shares of NIO by 164.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 6,464,246 shares of the company’s stock worth $26,891,000 after purchasing an additional 4,018,659 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of NIO in the fourth quarter worth $12,361,000. Swedbank AB acquired a new position in NIO in the first quarter valued at about $5,343,000. Finally, Norges Bank bought a new stake in NIO during the fourth quarter worth about $9,652,000. Institutional investors own 48.55% of the company’s stock.

NIO Price Performance

The company has a quick ratio of 1.03, a current ratio of 1.15 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $8.65 billion, a price-to-earnings ratio of -2.98 and a beta of 1.82. The business’s 50 day simple moving average is $4.27 and its 200-day simple moving average is $4.71.

NIO (NYSE:NIO) last released its earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share for the quarter, hitting the consensus estimate of ($2.21). NIO had a negative return on equity of 111.91% and a negative net margin of 39.38%. The firm had revenue of $17.45 billion during the quarter, compared to analysts’ expectations of $17.49 billion. During the same period in the prior year, the company earned ($0.51) earnings per share. The company’s quarterly revenue was up 98.9% on a year-over-year basis. On average, research analysts forecast that Nio Inc – will post -1.43 earnings per share for the current year.

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.