National Bank of Canada FI has reduced its stake in Nio Inc (NIO:NYE) by 97.6% during the fourth quarter, according to a recent 13F filing with the Securities and Exchange Commission (SEC). The bank’s holdings in NIO were worth $431,000 after selling 1,777,203 Nio stock shares during the quarter.
Several other institutional investors and hedge funds have also made changes to their positions in NIO. Baillie Gifford & Co. raised its position by 25.1%, while BlackRock Inc. increased its position by 1.2% during the third quarter. Legal & General Group Plc increased its position by 3.5% during the second quarter. Aspex Management HK Ltd also lifted its holdings in NIO by 145.9% in the third quarter. Institutional investors and hedge funds now own 30.06% of the Nio stock.
NIO Stock-Analyst Ratings:
NIO has been the subject of several research reports. China Renaissance lowered their price target from $12.30 to $10.40 and set a “hold” rating on the stock.
Barclays also downgraded NIO from an “overweight” rating to an “equal weight” rating, and JPMorgan Chase & Co. lowered its rating from “overweight” to “neutral”.
Meanwhile, Morgan Stanley decreased its price target on NIO from $16.10 to $12.00, and Mizuho lowered its price target from $28.00 to $25.00, giving the Nio a “buy” rating.
NIO Stock Price Analysis:
Shares of NIO opened at $9.10 on Friday, up 1.0%. The company has a market capitalization of $15.19 billion, a price-to-earnings ratio of -7.00, and a beta of 1.93. Nio’s 50-day moving average price is $9.51, and its 200-day moving average price is $10.97.
The company has a 12-month low of $8.03 and a 12-month high of $24.43. According to Stock Target Advisor, NIO stock has a consensus rating of “Strong Buy” and a consensus target price of $17.55.
Company Profile:
NIO Inc. designs, develops, manufactures, and sells smart electric vehicles in China. It offers five, six, and seven-seater electric SUVs, as well as smart electric sedans. The company was formerly known as NextEV Inc. and changed its name to NIO Inc. in July 2017. NIO Inc. was incorporated in 2014 and is headquartered in Shanghai, China.
