NIO (NYSE:NIO) Shares Up 2.3% – Should You Buy?

Shares of Nio Inc – (NYSE:NIO) traded up 2.3% during mid-day trading on Thursday . The stock traded as high as $4.51 and last traded at $4.42. 10,774,675 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 56,583,453 shares. The stock had previously closed at $4.32.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Bank of America raised their price objective on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Macquarie lowered shares of NIO from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $6.60 to $4.80 in a report on Wednesday, November 20th. Citigroup reduced 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. Daiwa America upgraded NIO to a “strong-buy” rating in a research note on Monday, September 30th. Finally, The Goldman Sachs Group cut NIO from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $4.80 to $3.90 in a report on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.71.

NIO Stock Up 3.2 %

The stock has a market capitalization of $7.80 billion, a P/E ratio of -3.01 and a beta of 1.77. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.04 and a quick ratio of 0.93. The firm has a 50-day simple moving average of $4.87 and a 200 day simple moving average of $4.81.

Hedge Funds Weigh In On NIO

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new stake in shares of NIO in the third quarter worth $32,000. Ridgewood Investments LLC acquired a new position in NIO during the 2nd quarter worth about $25,000. First Trust Direct Indexing L.P. bought a new stake in shares of NIO in the 3rd quarter valued at about $76,000. Apollon Wealth Management LLC acquired a new stake in shares of NIO in the third quarter valued at about $78,000. Finally, Sivia Capital Partners LLC bought a new position in shares of NIO during the third quarter worth about $92,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.

NIO Company Profile

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.