Zacks Investment Research Upgrades NIO (NYSE:NIO) to Hold

NIO (NYSE:NIO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “NIO Inc. is a premium electric vehicle market. The company designs, jointly manufactures and sells smart and connected premium electric vehicles. It offers electric cars under EP9, EVE and ES8 brand names. The company operates primarily in San Jose, California; Munich, Germany and London, United Kingdom. NIO Inc. is based in Shanghai, China. “

Other equities research analysts have also recently issued reports about the company. Bank of America cut NIO from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $6.20 to $3.00 in a report on Tuesday, May 28th. UBS Group reduced their price objective on NIO from $7.00 to $5.50 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $7.27.

Shares of NIO stock opened at $3.05 on Tuesday. NIO has a 12-month low of $2.35 and a 12-month high of $13.80. The company has a current ratio of 1.49, a quick ratio of 1.34 and a debt-to-equity ratio of 3.73. The stock’s 50-day moving average price is $3.28 and its 200-day moving average price is $4.75. The stock has a market capitalization of $3.31 billion and a price-to-earnings ratio of -0.30.

NIO (NYSE:NIO) last issued its earnings results on Tuesday, May 28th. The company reported ($2.42) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.50) by ($1.92). The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.41 billion. The company’s revenue was up .0% compared to the same quarter last year. As a group, research analysts predict that NIO will post -1.36 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of NIO. Wedbush Securities Inc. purchased a new position in shares of NIO during the first quarter valued at approximately $86,000. Janney Montgomery Scott LLC purchased a new position in shares of NIO during the first quarter valued at approximately $424,000. Virtu Financial LLC purchased a new position in shares of NIO during the first quarter valued at approximately $258,000. Gulf International Bank UK Ltd purchased a new position in shares of NIO during the second quarter valued at approximately $281,000. Finally, Enlightenment Research LLC boosted its position in shares of NIO by 1,550.9% during the first quarter. Enlightenment Research LLC now owns 90,799 shares of the company’s stock valued at $463,000 after buying an additional 85,299 shares during the period. 31.30% of the stock is currently owned by institutional investors.

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.

Further Reading: Oversold

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