Nio To Sell 75M Shares; Stock Drops 7%
Nio Inc. said that it will sell 75 million American Depositary Shares (ADS) of its class A category to raise funds. The news of the offering sent shares down 6.9% on Friday.
NIO) intends to use the proceeds from the offering to increase its ownership stake in Nio China through buying certain minority stakes. The raised funds will also be invested into global development, R&D in autonomous driving technologies, and general corporate purposes, the electric vehicle maker said. In addition, the company will provide underwriters with a 30-day option to buy an additional 11.25 million of its class A ADSs” data-reactid=”13″>Nio (NIO) intends to use the proceeds from the offering to increase its ownership stake in Nio China through buying certain minority stakes. The raised funds will also be invested into global development, R&D in autonomous driving technologies, and general corporate purposes, the electric vehicle maker said. In addition, the company will provide underwriters with a 30-day option to buy an additional 11.25 million of its class A ADSs
Jeff Chung raised NIO’s price target to $18.10 (downside potential of 2.2%) from $16 and maintained a Hold rating. Chung said "Nio’s battery as a service model and production ramp up provide higher visibility for sales volume growth." (See NIO stock analysis on TipRanks).” data-reactid=”14″>On Aug. 26, Citigroup analyst Jeff Chung raised NIO’s price target to $18.10 (downside potential of 2.2%) from $16 and maintained a Hold rating. Chung said “Nio’s battery as a service model and production ramp up provide higher visibility for sales volume growth.” (See NIO stock analysis on TipRanks).
price target of $13.83 implies a downside potential of about 25.2%. Shares are up 360% year to date.” data-reactid=”19″>Currently, the Street has a cautious outlook on the stock. The Hold analyst consensus is based on 3 Holds, 3 Buys, and 2 Sells. The average price target of $13.83 implies a downside potential of about 25.2%. Shares are up 360% year to date.
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