abrdn plc Lowers Stock Position in Nio Inc - (NYSE:NIO)

abrdn plc lowered its stake in Nio Inc - (NYSE:NIO - Free Report) by 77.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 256,242 shares of the company's stock after selling 899,332 shares during the period. abrdn plc's holdings in NIO were worth $1,774,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Renaissance Technologies LLC acquired a new stake in shares of NIO in the second quarter valued at approximately $1,076,000. International Assets Investment Management LLC lifted its position in NIO by 580.9% in the 3rd quarter. International Assets Investment Management LLC now owns 392,343 shares of the company's stock valued at $2,621,000 after acquiring an additional 334,723 shares in the last quarter. Signaturefd LLC increased its stake in NIO by 16.9% in the 3rd quarter. Signaturefd LLC now owns 48,604 shares of the company's stock valued at $325,000 after buying an additional 7,014 shares during the last quarter. Bank of New York Mellon Corp increased its stake in NIO by 32.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,416,709 shares of the company's stock valued at $5,894,000 after buying an additional 343,910 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in NIO by 23.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,317,758 shares of the company's stock valued at $10,430,000 after buying an additional 439,474 shares during the last quarter. Institutional investors and hedge funds own 48.55% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wolfe Research assumed coverage on shares of NIO in a research note on Thursday, September 5th. They issued a "peer perform" rating on the stock. Bank of America lifted their price target on shares of NIO from $5.00 to $5.30 and gave the company a "neutral" rating in a research note on Thursday, September 5th. Macquarie upgraded shares of NIO from a "neutral" rating to an "outperform" rating and set a $6.60 price objective on the stock in a research note on Monday, October 28th. Citigroup lowered their price objective on shares of NIO from $8.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. upgraded shares of NIO from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $5.30 to $8.00 in a research note on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, NIO currently has an average rating of "Hold" and a consensus target price of $6.11.

NIO Trading Up 2.9 %

NYSE NIO traded up $0.15 on Tuesday, hitting $5.29. The company's stock had a trading volume of 27,103,713 shares, compared to its average volume of 56,547,402. Nio Inc - has a 1-year low of $3.61 and a 1-year high of $9.57. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.71. The company's 50-day moving average is $5.45 and its 200 day moving average is $4.89. The firm has a market cap of $9.09 billion, a PE ratio of -3.49 and a beta of 1.91.

NIO (NYSE:NIO - Get Free Report) last issued its earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($2.21). NIO had a negative net margin of 32.47% and a negative return on equity of 104.61%. The business had revenue of $17.45 billion for the quarter, compared to analyst estimates of $17.49 billion. During the same period in the prior year, the firm earned ($0.51) earnings per share. NIO's revenue was up 98.9% on a year-over-year basis. As a group, analysts predict that Nio Inc - will post -1.37 earnings per share for the current fiscal 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.