NIO (NYSE:NIO) Price Target Lowered to $11.00 at Bank of America

Posted by on Jun 12th, 2023

NIO (NYSE:NIO – Get Rating) had its price objective lowered by Bank of America from $12.00 to $11.00 in a research report released on Sunday, The Fly reports.

Several other research analysts also recently commented on the company. Barclays downgraded NIO from an overweight rating to an equal weight rating and reduced their target price for the stock from $18.00 to $10.00 in a research note on Thursday, March 2nd. JPMorgan Chase & Co. cut NIO from an overweight rating to a neutral rating and dropped their price objective for the company from $14.00 to $10.00 in a report on Thursday, March 2nd. Morgan Stanley lowered their price target on NIO from $16.10 to $12.00 in a report on Monday, March 20th. Finally, Mizuho lowered their price target on NIO from $28.00 to $25.00 and set a buy rating for the company in a report on Thursday, March 2nd. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $13.78.

NIO Stock Up 8.9 %

NIO stock traded up $0.69 during mid-day trading on Friday, reaching $8.42. The company had a trading volume of 73,850,852 shares, compared to its average volume of 47,385,285. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.29 and a quick ratio of 1.11. The stock has a 50 day simple moving average of $8.27 and a two-hundred day simple moving average of $9.79. The company has a market capitalization of $14.05 billion, a price-to-earnings ratio of -5.46 and a beta of 1.92. NIO has a 52 week low of $7.00 and a 52 week high of $24.43.

NIO (NYSE:NIO – Get Rating) last posted its quarterly earnings results on Friday, June 9th. The company reported ($2.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($2.29). The company had revenue of $10.68 billion during the quarter, compared to the consensus estimate of $11.60 billion. NIO had a negative net margin of 35.03% and a negative return on equity of 61.22%. The firm’s revenue for the quarter was up 7.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.18) earnings per share. As a group, equities analysts predict that NIO will post -1.28 earnings per share for the current fiscal year.

Institutional Trading of NIO

Several institutional investors and hedge funds have recently modified their holdings of the stock. Seaport Global Advisors LLC grew its holdings in shares of NIO by 536.2% in the first quarter. Seaport Global Advisors LLC now owns 14,226 shares of the company’s stock valued at $150,000 after acquiring an additional 11,990 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in shares of NIO by 49.7% in the first quarter. Ameriprise Financial Inc. now owns 607,648 shares of the company’s stock valued at $6,386,000 after acquiring an additional 201,834 shares in the last quarter. SkyView Investment Advisors LLC bought a new position in NIO during the first quarter valued at $105,000. Advisory Services Network LLC grew its holdings in NIO by 17.7% during the first quarter. Advisory Services Network LLC now owns 28,736 shares of the company’s stock valued at $302,000 after purchasing an additional 4,329 shares during the period. Finally, Steward Partners Investment Advisory LLC grew its holdings in NIO by 28.1% during the first quarter. Steward Partners Investment Advisory LLC now owns 21,664 shares of the company’s stock valued at $228,000 after purchasing an additional 4,750 shares during the period. 30.06% of the stock is owned by hedge funds and other institutional investors.

NIO Company Profile

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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.

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