NIO (NYSE:NIO) Stock Price Up 2.3% – Time to Buy?

Nio Inc – (NYSE:NIO) rose 2.3% during mid-day trading on Thursday . The company traded as high as $4.51 and last traded at $4.42. Approximately 10,774,675 shares changed hands during trading, a decline of 81% from the average daily volume of 56,583,453 shares. The stock had previously closed at $4.32.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Daiwa America upgraded NIO to a “strong-buy” rating in a report on Monday, September 30th. Wolfe Research initiated coverage on shares of NIO in a research report on Thursday, September 5th. They issued a “peer perform” rating for the company. Bank of America raised their price objective on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Citigroup reduced their target price on NIO from $8.50 to $7.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Finally, Macquarie downgraded NIO from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $6.60 to $4.80 in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.71.

NIO Trading Up 2.3 %

The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98. The company has a 50 day simple moving average of $4.94 and a 200 day simple moving average of $4.82. The stock has a market capitalization of $7.60 billion, a PE ratio of -2.93 and a beta of 1.77.

Institutional Trading of NIO

Several hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. lifted its position in NIO by 164.3% in the second quarter. Point72 Asset Management L.P. now owns 6,464,246 shares of the company’s stock valued at $26,891,000 after purchasing an additional 4,018,659 shares during the period. FMR LLC boosted its holdings in NIO by 5,388.5% during the third quarter. FMR LLC now owns 5,394,895 shares of the company’s stock worth $36,038,000 after buying an additional 5,296,601 shares in the last quarter. Quadrature Capital Ltd grew its position in NIO by 32.3% during the third quarter. Quadrature Capital Ltd now owns 2,209,020 shares of the company’s stock worth $14,756,000 after buying an additional 538,907 shares during the period. Krane Funds Advisors LLC increased its holdings in NIO by 31.7% in the second quarter. Krane Funds Advisors LLC now owns 1,538,781 shares of the company’s stock valued at $6,401,000 after buying an additional 370,556 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of NIO by 32.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,416,709 shares of the company’s stock worth $5,894,000 after acquiring an additional 343,910 shares during the period. Institutional investors and hedge funds own 48.55% of the company’s stock.

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.