NIO (NYSE:NIO) Shares Up 3.4% – What’s Next?

Nio Inc – (NYSE:NIO)’s share price shot up 3.4% during trading on Friday . The company traded as high as $4.59 and last traded at $4.55. 13,656,837 shares traded hands during trading, a decline of 76% from the average session volume of 56,479,652 shares. The stock had previously closed at $4.40.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NIO. Macquarie cut shares of NIO from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $6.60 to $4.80 in a research report on Wednesday, November 20th. Bank of America boosted their price target on shares of 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 reduced their price objective for the company from $4.80 to $3.90 in a research note on Monday, November 25th. Wolfe Research initiated coverage on NIO in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. upgraded shares of NIO from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $5.30 to $8.00 in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.71.

NIO Stock Performance

The stock has a 50 day moving average of $4.87 and a two-hundred day moving average of $4.81. The stock has a market capitalization of $7.80 billion, a PE ratio of -3.01 and a beta of 1.77. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.04 and a quick ratio of 0.93.

Institutional Investors Weigh In On NIO

A number of institutional investors and hedge funds have recently modified their holdings of the company. Ballentine Partners LLC raised its stake in shares of NIO by 11.5% during the 3rd quarter. Ballentine Partners LLC now owns 24,020 shares of the company’s stock worth $160,000 after buying an additional 2,482 shares during the last quarter. Atomi Financial Group Inc. increased its holdings in NIO by 15.5% during the 3rd quarter. Atomi Financial Group Inc. now owns 19,327 shares of the company’s stock valued at $129,000 after acquiring an additional 2,588 shares in the last quarter. Assenagon Asset Management S.A. raised its position in NIO by 4.8% during the second quarter. Assenagon Asset Management S.A. now owns 63,093 shares of the company’s stock worth $262,000 after acquiring an additional 2,915 shares during the last quarter. Greenwich Wealth Management LLC grew its position in shares of NIO by 12.9% in the second quarter. Greenwich Wealth Management LLC now owns 29,027 shares of the company’s stock valued at $121,000 after purchasing an additional 3,315 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in shares of NIO by 1.7% in the second quarter. Commonwealth Equity Services LLC now owns 208,152 shares of the company’s stock valued at $866,000 after purchasing an additional 3,539 shares during the last quarter. Institutional investors and hedge funds own 48.55% of the company’s stock.

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.