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

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

NIO Stock Performance

NYSE NIO opened at $5.03 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.15 and a quick ratio of 1.03. NIO has a 1-year low of $3.61 and a 1-year high of $10.88. The business has a 50 day simple moving average of $4.27 and a two-hundred day simple moving average of $4.71. The stock has a market capitalization of $8.65 billion, a PE ratio of -2.98 and a beta of 1.82.

Analyst Ratings Changes

NIO has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upgraded shares of NIO from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $5.30 to $8.00 in a research report on Friday. Wolfe Research initiated coverage on NIO in a report on Thursday. They set a “peer perform” rating on the stock. Citigroup lowered their price objective on NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Bank of America increased their target price on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, NIO presently has an average rating of “Hold” and a consensus price target of $5.93.

About NIO

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.