NIO (NYSE:NIO) Trading Up 6.4% – Still a Buy?

Nio Inc – (NYSE:NIO) shares were up 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 trading, a decline of 47% from the average daily volume of 56,068,160 shares. The stock had previously closed at $4.36.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on NIO shares. Macquarie downgraded shares of NIO from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $6.60 to $4.80 in a research note on Wednesday, November 20th. 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. Daiwa America upgraded NIO to a “strong-buy” rating in a report on Monday, September 30th. Finally, JPMorgan Chase & Co. upgraded NIO from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $5.30 to $8.00 in a report 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 issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $5.71.

NIO Trading Up 1.8 %

The business’s fifty day simple moving average is $4.71 and its two-hundred day simple moving average is $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. The company has a market cap of $7.96 billion, a price-to-earnings ratio of -3.07 and a beta of 1.77.

Institutional Trading of NIO

Hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its position in NIO by 140.2% during the third quarter. Principal Financial Group Inc. now owns 75,100 shares of the company’s stock worth $502,000 after buying an additional 43,839 shares during the period. Garden State Investment Advisory Services LLC purchased a new position in shares of NIO during the third quarter worth approximately $374,000. Tidal Investments LLC increased its holdings in shares of NIO by 2.4% in the 3rd quarter. Tidal Investments LLC now owns 280,140 shares of the company’s stock valued at $1,871,000 after acquiring an additional 6,545 shares during the period. Sanctuary Advisors LLC raised its position in NIO by 63.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 82,859 shares of the company’s stock valued at $553,000 after purchasing an additional 32,069 shares during the last quarter. Finally, Toronto Dominion Bank boosted its stake in NIO by 1,652,962.5% during the 3rd quarter. Toronto Dominion Bank now owns 132,245 shares of the company’s stock worth $883,000 after purchasing an additional 132,237 shares during the period. 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.