Zacks Investment Research lowered shares of NIO (NYSE:NIO) from a hold rating to a sell rating in a research note published on Saturday, Zacks.com reports.

According to Zacks, “NIO Inc. is a premium electric vehicle market. The company designs, jointly manufactures and sells smart and connected premium electric vehicles. It offers electric cars under EP9, EVE and ES8 brand names. The company operates primarily in San Jose, California; Munich, Germany and London, United Kingdom. NIO Inc. is based in Shanghai, China. “

NIO has been the topic of several other reports. Bank of America lowered NIO from a neutral rating to an underperform rating and dropped their target price for the stock from $8.00 to $6.80 in a research report on Wednesday, March 6th. Goldman Sachs Group assumed coverage on NIO in a research report on Thursday, March 7th. They issued a buy rating and a $10.70 target price on the stock. Deutsche Bank set a $10.00 target price on NIO and gave the stock a buy rating in a research report on Thursday, March 7th. 86 Research assumed coverage on NIO in a research report on Tuesday, January 15th. They issued a sell rating and a $4.70 target price on the stock. Finally, Citigroup raised NIO from a neutral rating to a buy rating and dropped their target price for the stock from $7.20 to $6.80 in a research report on Thursday, April 4th. Three analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. NIO currently has a consensus rating of Hold and an average price target of $8.02.

Shares of NIO opened at $4.83 on Friday. NIO has a 12-month low of $4.43 and a 12-month high of $13.80. The firm has a market cap of $4.91 billion and a P/E ratio of -0.47. The company has a current ratio of 1.42, a quick ratio of 1.25 and a debt-to-equity ratio of 0.17.

A number of hedge funds and other institutional investors have recently modified their holdings of NIO. Temasek Holdings Private Ltd acquired a new position in shares of NIO during the fourth quarter valued at $264,017,000. Warburg Pincus LLC acquired a new position in shares of NIO during the third quarter valued at $193,861,000. Norges Bank acquired a new position in shares of NIO during the fourth quarter valued at $85,995,000. Morgan Stanley acquired a new position in shares of NIO during the third quarter valued at $88,086,000. Finally, Segantii Capital Management Ltd acquired a new position in shares of NIO during the first quarter valued at $21,424,000. 19.71% of the stock is currently owned by hedge funds and other institutional investors.

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.

Featured Article: Using other technical indicators with support levels

Get a free copy of the Zacks research report on NIO (NIO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for NIO (NYSE:NIO)

Receive News & Ratings for NIO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NIO and related companies with MarketBeat.com's FREE daily email newsletter.