NIO (NYSE:NIO) Stock Price Up 6.1% – Here’s What Happened

NIO Inc. (NYSE:NIO)’s share price rose 6.1% during trading on Friday. The company traded as high as $3.42 and last traded at $3.3950. Approximately 49,763,623 shares were traded during trading, an increase of 36% from the average session volume of 36,590,434 shares. The stock had previously closed at $3.20.

Wall Street Analyst Weigh In

NIO has been the topic of a number of recent research reports. Weiss Ratings reissued a “sell (e+)” rating on shares of NIO in a research note on Tuesday, October 27th. Royal Bank Of Canada cut shares of NIO to a “sector perform” rating in a research report on Thursday, September 3rd. JPMorgan Chase & Co. reduced their target price on NIO from $4.50 to $3.70 and set a “neutral” rating on the stock in a research report on Monday, October 26th. Zacks Research downgraded shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, Sanford C. Bernstein decreased their target price on NIO from $6.00 to $5.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 2nd. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, NIO currently has a consensus rating of “Hold” and a consensus price target of $5.78.

NIO Stock Performance

The stock has a market capitalization of $8.43 billion, a PE ratio of -12.57 and a beta of 0.89. The company has a quick ratio of 0.89, a current ratio of 1.02 and a debt-to-equity ratio of 2.11. The stock has a fifty day moving average of $3.55 and a 200-day moving average of $4.86.

NIO (NYSE:NIO) last issued its quarterly earnings results on Saturday, August 15th. The company reported $0.00 earnings per share for the quarter. The company had revenue of $4.73 billion for the quarter. NIO had a negative return on equity of 111.37% and a negative net margin of 3.95%. Equities analysts anticipate that NIO Inc. will post -0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NIO

A number of institutional investors and hedge funds have recently made changes to their positions in NIO. Persistent Asset Partners Ltd purchased a new stake in shares of NIO during the second quarter worth approximately $34,000. Global Retirement Partners LLC purchased a new position in NIO in the second quarter worth approximately $34,000. Wellington Altus USA Inc. purchased a new position in NIO in the second quarter worth approximately $35,000. EverSource Wealth Advisors LLC lifted its stake in NIO by 120.7% in the first quarter. EverSource Wealth Advisors LLC now owns 8,015 shares of the company’s stock worth $48,000 after acquiring an additional 4,383 shares during the last quarter. Finally, Strengthening Families & Communities LLC grew its holdings in NIO by 143.5% during the 3rd quarter. Strengthening Families & Communities LLC now owns 8,171 shares of the company’s stock worth $28,000 after acquiring an additional 4,815 shares in the last quarter. 48.55% of the stock is owned by institutional investors and hedge funds.

About NIO

NIO Inc is a Chinese smart electric vehicle manufacturer founded in 2014 and headquartered in Shanghai. The company develops, manufactures and sells premium battery-powered passenger vehicles, including sedans, SUVs and coupés. Its vehicle lineup has included models such as the ET7, ET5, ES6, EL6, EL7 and EC6, along with newer vehicles introduced under the NIO and ONVO brands.

In addition to vehicle sales, NIO provides related services and technologies designed to support electric vehicle ownership.