NIO (NYSE:NIO) Trading Up 2.9% – Here’s Why

Nio Inc – (NYSE:NIO) shot up 2.9% during mid-day trading on Tuesday . The stock traded as high as $4.66 and last traded at $4.61. 12,982,673 shares were traded during mid-day trading, a decline of 77% from the average session volume of 56,311,289 shares. The stock had previously closed at $4.48.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Wolfe Research started coverage on shares of NIO in a research report on Thursday, September 5th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. upgraded shares of NIO from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $5.30 to $8.00 in a research note on Friday, September 6th. Citigroup dropped their price target on shares of NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Macquarie downgraded shares of NIO from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $6.60 to $4.80 in a research report on Wednesday, November 20th. Finally, Bank of America lifted their target price on shares of NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $5.71.

NIO Stock Up 3.1 %

The firm has a market capitalization of $7.94 billion, a PE ratio of -3.06 and a beta of 1.77. The stock has a 50-day simple moving average of $4.85 and a 200-day simple moving average of $4.80. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98.

Institutional Investors Weigh In On NIO

Large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its position in NIO by 164.3% during the second quarter. Point72 Asset Management L.P. now owns 6,464,246 shares of the company’s stock worth $26,891,000 after purchasing an additional 4,018,659 shares during the period. FMR LLC grew its stake in NIO by 5,388.5% in the 3rd quarter. FMR LLC now owns 5,394,895 shares of the company’s stock valued at $36,038,000 after buying an additional 5,296,601 shares in the last quarter. Quadrature Capital Ltd grew its stake in NIO by 32.3% in the 3rd quarter. Quadrature Capital Ltd now owns 2,209,020 shares of the company’s stock valued at $14,756,000 after buying an additional 538,907 shares in the last quarter. Krane Funds Advisors LLC lifted its position in shares of NIO by 31.7% during the second quarter. Krane Funds Advisors LLC now owns 1,538,781 shares of the company’s stock worth $6,401,000 after acquiring an additional 370,556 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of NIO by 32.1% in the second quarter. Bank of New York Mellon Corp now owns 1,416,709 shares of the company’s stock valued at $5,894,000 after purchasing an additional 343,910 shares in the last quarter. Hedge funds and other institutional investors 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.