Nio Inc – ADR (NYSE:NIO) shares are trading lower Thursday afternoon amid a mix of recent company news. Freedom Capital Markets analyst Dmitriy Pozdnyakov earlier downgraded NIO from Buy to Hold, but raised the price target from $4.9 to $6.5. Here’s what investors need to know.
What To Know: The company on Tuesday reported a second-quarter loss of 25 cents per share, missing analyst estimates of a 20-cent loss, but revenues of $2.65 billion exceeded the consensus forecast of $2.5 billion. Nio’s CEO, William Li, attributed the strong revenue to robust demand for the new ONVO and Firefly models, which drove record August deliveries of over 31,300 vehicles.
