Russell Investments Group Ltd. Trims Holdings in NIO Inc. $NIO

Russell Investments Group Ltd. trimmed its holdings in shares of NIO Inc. (NYSE:NIO) by 81.8% in the 2nd quarter, Holdings Channel reports. The firm owned 184,833 shares of the company’s stock after selling 828,619 shares during the quarter. Russell Investments Group Ltd.’s holdings in NIO were worth $933,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Voloridge Investment Management LLC bought a new position in shares of NIO in the third quarter worth about $89,952,000. Bank of America Corp DE lifted its holdings in NIO by 99.0% during the 1st quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock valued at $85,800,000 after buying an additional 7,079,903 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in NIO by 70.2% during the 1st quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock valued at $87,146,000 after buying an additional 5,962,731 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in NIO by 3,966.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,316,291 shares of the company’s stock valued at $20,255,000 after buying an additional 5,185,565 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in NIO in the 2nd quarter valued at about $19,008,000. 48.55% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on NIO shares. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $6.00 target price on shares of NIO in a research report on Friday, May 22nd. Zacks Research raised NIO from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Bank of America reissued a “neutral” rating and issued a $6.80 price objective on shares of NIO in a research note on Thursday, May 21st. Weiss Ratings restated a “sell (e+)” rating on shares of NIO in a report on Wednesday, July 29th. Finally, The Goldman Sachs Group raised NIO from a “neutral” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Monday, July 13th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, NIO currently has an average rating of “Moderate Buy” and a consensus price target of $6.70.

NIO Trading Up 0.3%

NYSE NIO opened at $4.51 on Friday. NIO Inc. has a one year low of $4.38 and a one year high of $8.02. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.90 and a current ratio of 1.01. The company has a market capitalization of $11.21 billion, a price-to-earnings ratio of -8.21 and a beta of 0.91. The company’s 50-day simple moving average is $4.88 and its two-hundred day simple moving average is $5.35.

NIO Profile

NIO Inc is a pioneer in the premium electric vehicle (EV) segment, dedicated to the design, development and manufacture of smart, high-performance EVs. Established in November 2014 and headquartered in Shanghai, China, the company focuses on integrating cutting-edge electric propulsion, advanced connectivity and autonomous driving technologies into its automotive platforms. NIO’s vision centers on creating a holistic user experience that extends beyond the vehicle itself, encompassing energy services and digital solutions.

The company’s product lineup includes flagship SUVs and sedans such as the ES8, ES6, EC6, ET7 and ET5, each engineered to deliver strong performance, long range and a suite of intelligent driver-assistance features.