Bank of America Corp DE Purchases 7,079,903 Shares of NIO Inc. $NIO

Bank of America Corp DE raised its position in NIO Inc. (NYSE:NIO) by 99.0% during the first quarter, Holdings Channel reports. The firm owned 14,228,916 shares of the company’s stock after purchasing an additional 7,079,903 shares during the period. Bank of America Corp DE’s holdings in NIO were worth $85,800,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Voloridge Investment Management LLC acquired a new stake in NIO during the 3rd quarter worth about $89,952,000. Renaissance Technologies LLC grew its stake in NIO by 70.2% during the first quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock worth $87,146,000 after purchasing an additional 5,962,731 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in NIO by 3,966.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,316,291 shares of the company’s stock worth $20,255,000 after purchasing an additional 5,185,565 shares during the period. Trexquant Investment LP increased its holdings in NIO by 162.5% in the fourth quarter. Trexquant Investment LP now owns 4,725,389 shares of the company’s stock worth $24,099,000 after purchasing an additional 2,925,160 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in NIO by 1,008.2% in the third quarter. Russell Investments Group Ltd. now owns 2,244,812 shares of the company’s stock worth $17,105,000 after purchasing an additional 2,042,255 shares in the last quarter. 48.55% of the stock is owned by institutional investors.

NIO Stock Up 2.8%

NIO stock opened at $4.73 on Friday. The firm has a market capitalization of $11.74 billion, a PE ratio of -8.59 and a beta of 0.91. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 1.94. NIO Inc. has a twelve month low of $4.37 and a twelve month high of $8.02. The stock’s 50 day moving average is $5.00 and its 200-day moving average is $5.36.

Wall Street Analyst Weigh In

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

NIO Company 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.