NIO (NYSE:NIO) Stock Price Up 1.3% – Time to Buy?

NIO Inc. (NYSE:NIO) traded up 1.3% during trading on Thursday . The company traded as high as $5.01 and last traded at $4.9250. 19,818,653 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 58,456,344 shares. The stock had previously closed at $4.86.

Analyst Ratings Changes

NIO has been the subject of several analyst reports. Mizuho upped their price objective on NIO from $6.00 to $7.00 and gave the company a “neutral” rating in a research note on Tuesday, September 23rd. Bank of America upped their price objective on shares of NIO from $5.00 to $7.10 and gave the stock a “neutral” rating in a research report on Wednesday, September 3rd. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of NIO in a report on Thursday, October 30th. Wall Street Zen raised NIO from a “strong sell” rating to a “hold” rating in a research note on Monday, September 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NIO in a report on Monday. Three investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.73.

NIO Stock Up 1.3%

The firm has a 50 day moving average of $6.17 and a two-hundred day moving average of $5.48. The stock has a market capitalization of $10.28 billion, a PE ratio of -3.40 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.

Institutional Investors Weigh In On NIO

Several institutional investors and hedge funds have recently made changes to their positions in the business. Aspex Management HK Ltd purchased a new stake in shares of NIO in the third quarter valued at about $266,700,000. WT Asset Management Ltd acquired a new position in NIO in the 3rd quarter valued at $142,120,000. Ghisallo Capital Management LLC purchased a new position in NIO during the third quarter worth about $91,440,000. Voloridge Investment Management LLC purchased a new position in shares of NIO during the 3rd quarter worth about $89,952,000. Finally, RWC Asset Advisors US LLC purchased a new position in NIO during the third quarter worth approximately $79,761,000. 48.55% 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.