Citigroup Trims NIO (NYSE:NIO) Target Price to $7.00

NIO (NYSE:NIO) had its price objective reduced by Citigroup from $8.50 to $7.00 in a research note released on Wednesday morning, Benzinga reports. Citigroup currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on the company. Bank of America raised their price objective on NIO from $5.90 to $6.00 and gave the stock a neutral rating in a research report on Friday, June 7th. JPMorgan Chase & Co. upgraded NIO from an underweight rating to a neutral rating and increased their price target for the company from $4.80 to $5.40 in a research note on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $5.93.

NIO Price Performance

Shares of NIO stock opened at $5.02 on Wednesday. The stock’s 50-day moving average is $4.27 and its 200 day moving average is $4.70. NIO has a 1-year low of $3.61 and a 1-year high of $10.88. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.15 and a quick ratio of 1.03. The company has a market cap of $8.63 billion, a P/E ratio of -2.97 and a beta of 1.82.

NIO (NYSE:NIO) last released its quarterly earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share for the quarter, meeting analysts’ consensus estimates of ($2.21). The business had revenue of $17.45 billion for the quarter, compared to analysts’ expectations of $17.49 billion. NIO had a negative net margin of 39.38% and a negative return on equity of 111.91%. The company’s revenue was up 98.9% compared to the same quarter last year. During the same period last year, the business earned ($0.51) EPS. Research analysts predict that NIO will post -1.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new position in NIO in the 2nd quarter worth approximately $228,000. Truist Financial Corp boosted its holdings in shares of NIO by 32.2% in the 2nd quarter. Truist Financial Corp now owns 25,253 shares of the company’s stock valued at $105,000 after acquiring an additional 6,150 shares during the last quarter. Creative Planning increased its stake in shares of NIO by 34.7% in the second quarter. Creative Planning now owns 268,318 shares of the company’s stock worth $1,116,000 after acquiring an additional 69,143 shares during the period. SIH Partners LLLP raised its holdings in shares of NIO by 104.0% during the second quarter. SIH Partners LLLP now owns 663,540 shares of the company’s stock worth $2,760,000 after purchasing an additional 338,320 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position 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 purchasing an additional 17,467 shares during the period. 48.55% of the stock is currently owned by hedge funds and other institutional investors.

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.