NIO (NYSE:NIO) Releases Quarterly Earnings Results, Hits Expectations

NIO (NYSE:NIO) posted its earnings results on Thursday. The company reported ($2.21) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($2.21), Briefing.com reports. The business had revenue of $17.45 billion for the quarter, compared to analyst estimates of $17.49 billion. NIO had a negative net margin of 39.38% and a negative return on equity of 111.91%. NIO’s revenue was up 98.9% compared to the same quarter last year. During the same period last year, the business posted ($0.51) EPS. NIO updated its Q3 2024 guidance to EPS.

NIO Stock Up 3.5 %

NIO stock traded up $0.17 during mid-day trading on Friday, reaching $5.02. The company’s stock had a trading volume of 105,245,025 shares, compared to its average volume of 51,741,512. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.03 and a current ratio of 1.15. The business’s 50 day simple moving average is $4.27 and its 200 day simple moving average is $4.71. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of -2.98 and a beta of 1.82. NIO has a 12 month low of $3.61 and a 12 month high of $10.88.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on NIO shares. Citigroup lowered their price objective on shares of NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday. Bank of America raised their price objective on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research report on Thursday. JPMorgan Chase & Co. raised shares of NIO from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.30 to $8.00 in a report on Friday. Finally, Wolfe Research assumed coverage on NIO in a research note on Thursday. They issued a “peer perform” rating on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.93.

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.