Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in Nio Inc – (NYSE:NIO – Get Rating) by 5.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 814,829 shares of the company’s stock after purchasing an additional 41,558 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in NIO were worth $12,850,000 at the end of the most recent reporting period.
Other hedge funds also recently modified their holdings of the company. AE Wealth Management LLC boosted its stake in NIO by 45.2% during the 2nd quarter. AE Wealth Management LLC now owns 79,464 shares of the company’s stock worth $1,726,000 after acquiring an additional 24,743 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in NIO by 23.5% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,416,628 shares of the company’s stock worth $30,769,000 after acquiring an additional 269,607 shares during the last quarter. Avidian Wealth Solutions LLC boosted its stake in NIO by 70.2% during the 2nd quarter. Avidian Wealth Solutions LLC now owns 90,927 shares of the company’s stock worth $1,975,000 after acquiring an additional 37,498 shares during the last quarter. Seven Eight Capital LP bought a new position in NIO during the 2nd quarter worth approximately $2,199,000. Finally, Canal Insurance CO boosted its stake in NIO by 40.0% during the 2nd quarter. Canal Insurance CO now owns 70,000 shares of the company’s stock worth $1,520,000 after acquiring an additional 20,000 shares during the last quarter. Institutional investors own 30.06% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have commented on NIO. UBS Group downgraded shares of NIO from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $32.00 to $13.00 in a report on Thursday, November 17th. Barclays dropped their target price on shares of NIO from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, November 17th. Mizuho dropped their target price on shares of NIO from $34.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, December 20th. Bank of America dropped their target price on shares of NIO from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Friday, November 11th. Finally, Jefferies Financial Group restated a “hold” rating and set a $11.27 target price (down from $42.30) on shares of NIO in a report on Monday, November 28th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.51.
NIO Price Performance
NIO (NYSE:NIO – Get Rating) last issued its earnings results on Thursday, November 10th. The company reported ($0.36) earnings per share for the quarter. The firm had revenue of $1.83 billion for the quarter. NIO had a negative return on equity of 32.66% and a negative net margin of 24.94%. As a group, analysts expect that Nio Inc – will post -0.86 EPS for the current fiscal year.
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.
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