NIO (NYSE:NIO) Trading Up 3.3% – Still a Buy?
by Mitch Edgeman · The Markets DailyNIO Inc. (NYSE:NIO – Get Free Report) traded up 3.3% during trading on Tuesday . The stock traded as high as $5.79 and last traded at $5.5150. 78,054,760 shares changed hands during mid-day trading, an increase of 35% from the average session volume of 57,942,609 shares. The stock had previously closed at $5.34.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently issued reports on the stock. UBS Group downgraded shares of NIO from a “buy” rating to a “hold” rating in a report on Tuesday, November 25th. Citigroup decreased their target price on shares of NIO from $8.60 to $6.90 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of NIO in a report on Monday. Wall Street Zen raised NIO from a “strong sell” rating to a “hold” rating in a research note on Monday, September 8th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $7.00 target price on shares of NIO in a research note on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, NIO presently has an average rating of “Hold” and a consensus target price of $6.73.
Check Out Our Latest Research Report on NIO
NIO Price Performance
The company has a market cap of $10.62 billion, a PE ratio of -3.51 and a beta of 1.04. The firm’s 50-day moving average is $5.80 and its 200-day moving average is $5.58. The company has a quick ratio of 0.83, a current ratio of 0.94 and a debt-to-equity ratio of 2.36.
Hedge Funds Weigh In On NIO
Hedge funds have recently bought and sold shares of the company. Aspex Management HK Ltd bought a new stake in shares of NIO in the third quarter worth $266,700,000. WT Asset Management Ltd bought a new position in shares of NIO in the third quarter worth approximately $142,120,000. Ghisallo Capital Management LLC purchased a new stake in shares of NIO in the third quarter worth $91,440,000. Voloridge Investment Management LLC bought a new stake in shares of NIO during the 3rd quarter valued at $89,952,000. Finally, RWC Asset Advisors US LLC purchased a new position in shares of NIO during the 3rd quarter valued at $79,761,000. Institutional investors own 48.55% of the company’s stock.
About NIO
NIO Inc is a pioneer in the premium electric vehicle (EV) segment, dedicated to the design, development and manufacture of smart, high-performance EVs. Established in November 2014 and headquartered in Shanghai, China, the company focuses on integrating cutting-edge electric propulsion, advanced connectivity and autonomous driving technologies into its automotive platforms. NIO’s vision centers on creating a holistic user experience that extends beyond the vehicle itself, encompassing energy services and digital solutions.
The company’s product lineup includes flagship SUVs and sedans such as the ES8, ES6, EC6, ET7 and ET5, each engineered to deliver strong performance, long range and a suite of intelligent driver-assistance features.