NIO (NYSE:NIO) Shares Up 3.1% – Still a Buy?

Nio Inc – (NYSE:NIO)’s stock price rose 3.1% during trading on Wednesday . The company traded as high as $4.68 and last traded at $4.62. Approximately 24,244,377 shares changed hands during trading, a decline of 57% from the average daily volume of 56,362,250 shares. The stock had previously closed at $4.48.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Bank of America upped their target price on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. The Goldman Sachs Group cut NIO from a “neutral” rating to a “sell” rating and dropped their target price for the company from $4.80 to $3.90 in a report on Monday, November 25th. Wolfe Research initiated coverage on shares of NIO in a research note on Thursday, September 5th. They set a “peer perform” rating on the stock. Daiwa America upgraded NIO to a “strong-buy” rating in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. raised shares of NIO from a “neutral” rating to an “overweight” rating and upped their target price for the company from $5.30 to $8.00 in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.71.

NIO Trading Up 3.1 %

The company has a market capitalization of $7.94 billion, a PE ratio of -3.06 and a beta of 1.77. The business’s 50-day simple moving average is $4.83 and its two-hundred day simple moving average is $4.80. The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98.

Institutional Investors Weigh In On NIO

Several large investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in shares of NIO during the 2nd quarter valued at $1,076,000. International Assets Investment Management LLC boosted its holdings in NIO by 580.9% in the 3rd quarter. International Assets Investment Management LLC now owns 392,343 shares of the company’s stock valued at $2,621,000 after purchasing an additional 334,723 shares during the period. Toronto Dominion Bank raised its stake in shares of NIO by 1,652,962.5% in the third quarter. Toronto Dominion Bank now owns 132,245 shares of the company’s stock valued at $883,000 after purchasing an additional 132,237 shares in the last quarter. 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 valued at $36,038,000 after purchasing an additional 5,296,601 shares in the last quarter. Finally, Main Management ETF Advisors LLC bought a new stake in shares of NIO in the 3rd quarter worth about $1,327,000. 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.