NIO (NYSE:NIO) Shares Up 2% – Still a Buy?

Shares of NIO Inc. (NYSE:NIO) rose 2% during trading on Thursday . The company traded as high as $5.19 and last traded at $5.13. Approximately 38,028,624 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 59,071,617 shares. The stock had previously closed at $5.03.

Analyst Ratings Changes

NIO has been the subject of several research analyst reports. Citigroup decreased their price target on shares of NIO from $8.60 to $6.90 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Wall Street Zen upgraded NIO from a “strong sell” rating to a “hold” rating in a report on Monday, September 8th. Barclays lifted their target price on NIO from $3.00 to $4.00 and gave the company an “underweight” rating in a research report on Friday, November 28th. Bank of America increased their price target on NIO from $5.00 to $7.10 and gave the stock a “neutral” rating in a research report on Wednesday, September 3rd. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $7.00 price objective on shares of NIO in a report on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, NIO presently has a consensus rating of “Hold” and an average target price of $6.73.

NIO Trading Down 2.1%

The stock has a market capitalization of $10.48 billion, a P/E ratio of -3.46 and a beta of 1.04. The company has a current ratio of 0.94, a quick ratio of 0.83 and a debt-to-equity ratio of 2.36. The company has a 50-day moving average price of $6.33 and a 200 day moving average price of $5.44.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NIO. Allworth Financial LP lifted its position in NIO by 183.5% during the third quarter. Allworth Financial LP now owns 6,596 shares of the company’s stock valued at $50,000 after acquiring an additional 4,269 shares during the last quarter. Cantor Fitzgerald L. P. acquired a new position in shares of NIO during the third quarter worth $328,000. Caitong International Asset Management Co. Ltd increased its position in shares of NIO by 3,282.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 42,925 shares of the company’s stock worth $327,000 after purchasing an additional 41,656 shares in the last quarter. Central Asset Investments & Management Holdings HK Ltd purchased a new stake in shares of NIO during the 3rd quarter valued at $431,000. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of NIO by 13.8% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 1,066,223 shares of the company’s stock worth $7,675,000 after purchasing an additional 129,487 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.