Baillie Gifford & Co., an institutional investor, disclosed a 0.8% reduction in its holdings of Nio Inc. (NIO) during 1st quarter. The investor sold 926,459 shares, leaving it with 120,132,616 shares of Nio’s stock. Despite the reduction, NIO still represents 1.1% of Baillie Gifford & Co.’s investment portfolio, making it the 24th largest holding. As of the latest SEC filing, Baillie Gifford & Co.’s ownership in NIO is valued at approximately $1.26 billion.
Several Investors adjust their NIO holdings
In addition to Baillie Gifford & Co., various other institutional investors and hedge funds have also made changes to their positions in NIO Inc. Point72 Asset Management L.P. acquired a new stake in NIO during the fourth quarter, while Ameritas Advisory Services LLC did the same during the first quarter. Spire Wealth Management increased its NIO holdings significantly by 165.7% during the fourth quarter, and Private Trust Co. NA raised its stake by 512.5% in the first quarter. Furthermore, Ridgewood Investments LLC initiated a new position in NIO during the first quarter.
Mixed analyst sentiment and recent stock performance
The sentiment among research analysts on NIO has been mixed in recent times. Citigroup, Mizuho, Barclays, Nomura, and Bank of America have all made adjustments to their target prices for NIO. While some analysts downgraded the stock and lowered their target prices, others maintained a “BUY” rating. STA Research indicates that the average rating for NIO is currently “BUY” with an average price target of $12.10.
NIO stock rises 11.3%
Despite the varied analyst opinions, NIO’s stock performed well on the market. NIO Inc. shares experienced an 11.3% surge, rising by $1.20 during midday trading on Monday, reaching $11.78 per share. The company’s stock has a 52-week low of $7.00 and a 52-week high of $22.74, with a market capitalization of $19.66 billion. The stock has a price-to-earnings (P/E) ratio of -7.47 and a beta of 1.97.
NIO’s latest earnings report
In its most recent earnings report announced on June 9th, NIO reported earnings per share (EPS) of ($2.51) for the quarter, significantly missing analysts’ consensus estimate of ($0.22) by ($2.29). The company’s negative return on equity and net margin of 66.25% and 35.03%, respectively, raised concerns among investors. However, NIO’s revenue for the quarter stood at $10.68 billion, up 7.7% from the previous year. Analysts anticipate that NIO Inc. will post an EPS of -1.45 for the current year.
Despite the recent stock surge and cautious analyst sentiment, NIO’s performance and financials remain under close scrutiny, impacting investor decisions in the fast-evolving electric vehicle industry.
