Short Interest in Nio Inc – (NYSE:NIO) Declines By 20.8%

Nio Inc – (NYSE:NIO) was the target of a significant drop in short interest during the month of December. As of December 15th, there was short interest totalling 154,970,000 shares, a drop of 20.8% from the November 30th total of 195,740,000 shares. Based on an average daily volume of 66,920,000 shares, the days-to-cover ratio is presently 2.3 days.

NIO Trading Down 4.5 %

NIO stock traded down $0.21 during trading on Friday, hitting $4.48. The company had a trading volume of 40,880,453 shares, compared to its average volume of 56,210,566. NIO has a 52-week low of $3.61 and a 52-week high of $9.57. The company has a 50 day simple moving average of $4.79 and a 200-day simple moving average of $4.80. The firm has a market capitalization of $7.70 billion, a P/E ratio of -2.97 and a beta of 1.77. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98.

Analyst Ratings Changes

NIO has been the subject of several recent research reports. Citigroup dropped their price target on NIO from $8.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. Bank of America lifted their target price on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Daiwa America upgraded NIO to a “strong-buy” rating in a report on Monday, September 30th. JPMorgan Chase & Co. raised shares of NIO from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $5.30 to $8.00 in a research note on Friday, September 6th. Finally, The Goldman Sachs Group cut shares of NIO from a “neutral” rating to a “sell” rating and cut their price objective for the company from $4.80 to $3.90 in a research report on Monday, November 25th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, NIO has a consensus rating of “Hold” and a consensus target price of $5.71.

Hedge Funds Weigh In On NIO

A number of institutional investors have recently modified their holdings of NIO. Bank of New York Mellon Corp grew its stake in NIO by 32.1% in the second quarter. Bank of New York Mellon Corp now owns 1,416,709 shares of the company’s stock worth $5,894,000 after purchasing an additional 343,910 shares in the last quarter. Arkadios Wealth Advisors purchased a new position in shares of NIO during the second quarter valued at $160,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of NIO by 2.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 720,267 shares of the company’s stock valued at $2,996,000 after acquiring an additional 19,191 shares in the last quarter. Principal Financial Group Inc. purchased a new stake in NIO in the second quarter worth about $130,000. Finally, Signaturefd LLC grew its holdings in NIO by 31.1% during the 2nd quarter. Signaturefd LLC now owns 41,590 shares of the company’s stock worth $173,000 after acquiring an additional 9,860 shares in the last quarter. 48.55% of the stock is owned by hedge funds and other institutional investors.

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.