NIO (NYSE:NIO) Shares Up 6.4% – Time to Buy?

Shares of Nio Inc – (NYSE:NIO) rose 6.4% during mid-day trading on Thursday . The stock traded as high as $4.70 and last traded at $4.64. Approximately 29,634,725 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 56,068,160 shares. The stock had previously closed at $4.36.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. JPMorgan Chase & Co. raised NIO from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $5.30 to $8.00 in a research report on Friday, September 6th. The Goldman Sachs Group downgraded NIO from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $4.80 to $3.90 in a report on Monday, November 25th. Macquarie lowered shares of NIO from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $6.60 to $4.80 in a research report on Wednesday, November 20th. Finally, Daiwa America upgraded shares of NIO to a “strong-buy” rating in a research report on Monday, September 30th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, NIO presently has an average rating of “Hold” and a consensus target price of $5.71.

NIO Price Performance

The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.93 and a current ratio of 1.04. The stock’s fifty day moving average price is $4.71 and its 200-day moving average price is $4.80. The firm has a market cap of $7.96 billion, a PE ratio of -3.07 and a beta of 1.77.

Hedge Funds Weigh In On NIO

Hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. raised 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 acquiring an additional 4,018,659 shares during the last quarter. FMR LLC raised its position in shares of NIO by 5,388.5% during the 3rd quarter. FMR LLC now owns 5,394,895 shares of the company’s stock worth $36,038,000 after purchasing an additional 5,296,601 shares during the last quarter. Quadrature Capital Ltd lifted 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 stake in NIO by 31.7% in the 2nd 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 NIO by 32.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,416,709 shares of the company’s stock valued at $5,894,000 after buying an additional 343,910 shares during the last quarter. 48.55% of the stock is owned by hedge funds and other institutional investors.

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.