Sumitomo Mitsui Trust Group Inc. Sells 2,929,058 Shares of Nio Inc – (NYSE:NIO)

Sumitomo Mitsui Trust Group Inc. cut its stake in Nio Inc – (NYSE:NIO) by 87.3% during the third quarter, HoldingsChannel reports. The firm owned 424,322 shares of the company’s stock after selling 2,929,058 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in NIO were worth $2,834,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Ridgewood Investments LLC bought a new position in shares of NIO in the second quarter worth about $25,000. Allspring Global Investments Holdings LLC bought a new position in NIO during the 3rd quarter worth about $32,000. Baader Bank Aktiengesellschaft bought a new position in NIO during the 2nd quarter worth about $53,000. Harel Insurance Investments & Financial Services Ltd. grew its holdings in NIO by 22.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,693 shares of the company’s stock worth $61,000 after acquiring an additional 2,651 shares in the last quarter. Finally, Caprock Group LLC bought a new position in NIO during the 2nd quarter worth about $63,000. 48.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wolfe Research assumed coverage on shares of NIO in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Daiwa America upgraded shares of NIO to a “strong-buy” rating in a report on Monday, September 30th. Bank of America raised their price target on shares of NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. upgraded shares of NIO from a “neutral” rating to an “overweight” rating and raised their price target for the company from $5.30 to $8.00 in a report on Friday, September 6th. Finally, Macquarie raised shares of NIO from a “neutral” rating to an “outperform” rating and set a $6.60 price objective for the company in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, NIO has a consensus rating of “Hold” and an average target price of $6.11.

NIO Stock Performance

NIO opened at $4.67 on Tuesday. Nio Inc – has a 12-month low of $3.61 and a 12-month high of $9.57. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $8.03 billion, a PE ratio of -3.07 and a beta of 1.91. The firm has a 50 day moving average of $5.55 and a two-hundred day moving average of $4.92.

NIO (NYSE:NIO) last posted its quarterly earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($2.21). NIO had a negative net margin of 32.47% and a negative return on equity of 104.61%. The company had revenue of $17.45 billion during the quarter, compared to analyst estimates of $17.49 billion. During the same period last year, the firm posted ($0.51) EPS. NIO’s revenue for the quarter was up 98.9% compared to the same quarter last year. On average, analysts anticipate that Nio Inc – will post -1.37 EPS for the current 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.