NIO (NYSE:NIO) Trading 3.7% Higher – Here’s Why

Nio Inc – (NYSE:NIO)’s share price rose 3.7% during mid-day trading on Monday . The company traded as high as $4.91 and last traded at $4.80. Approximately 27,141,350 shares were traded during trading, a decline of 33% from the average daily volume of 40,302,086 shares. The stock had previously closed at $4.63.

Analyst Ratings Changes

NIO has been the topic of a number of recent analyst reports. The Goldman Sachs Group lowered shares of NIO from a “neutral” rating to a “sell” rating and cut their price target for the company from $4.80 to $3.90 in a research note on Monday, November 25th. Macquarie lowered shares of NIO from an “outperform” rating to a “neutral” rating and cut their price target for the company from $6.60 to $4.80 in a research note on Wednesday, November 20th. Finally, Daiwa America upgraded shares of NIO to a “strong-buy” rating in a research note on Monday, September 30th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $5.71.

NIO Trading Up 1.1 %

The company’s 50-day moving average price is $4.71 and its 200-day moving average price is $4.80. The firm has a market cap of $8.05 billion, a price-to-earnings ratio of -3.10 and a beta of 1.70. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98.

Hedge Funds Weigh In On NIO

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC purchased a new position in NIO during the third quarter worth about $32,000. Caprock Group LLC purchased a new position in NIO during the second quarter worth about $63,000. AE Wealth Management LLC purchased a new position in NIO during the second quarter worth about $75,000. First Trust Direct Indexing L.P. purchased a new position in NIO during the third quarter worth about $76,000. Finally, Apollon Wealth Management LLC purchased a new position in NIO during the third quarter worth about $78,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.