NIO (NYSE:NIO) Shares Up 2% – Should You Buy?

NIO Inc. (NYSE:NIO) shares rose 2% on Thursday . The stock traded as high as $5.19 and last traded at $5.13. Approximately 38,028,624 shares traded hands during mid-day trading, a decline of 36% from the average daily volume of 59,071,617 shares. The stock had previously closed at $5.03.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Macquarie set a $5.30 price target on shares of NIO in a research report on Tuesday, November 25th. JPMorgan Chase & Co. upgraded NIO from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $4.80 to $8.00 in a research report on Tuesday, August 26th. Citigroup cut their price target on NIO from $8.60 to $6.90 and set a “buy” rating for the company in a report on Wednesday, November 26th. Wall Street Zen upgraded NIO from a “strong sell” rating to a “hold” rating in a research note on Monday, September 8th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $7.00 price objective on shares of NIO in a report on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.73.

NIO Price Performance

The business has a 50 day simple moving average of $6.44 and a two-hundred day simple moving average of $5.43. The firm has a market capitalization of $10.71 billion, a P/E ratio of -3.54 and a beta of 1.04. The company has a debt-to-equity ratio of 2.36, a quick ratio of 0.83 and a current ratio of 0.94.

Institutional Investors Weigh In On NIO

Hedge funds have recently bought and sold shares of the stock. Aspex Management HK Ltd bought a new position in shares of NIO in the 3rd quarter worth $266,700,000. WT Asset Management Ltd bought a new stake in shares of NIO during the 3rd quarter worth $142,120,000. Ghisallo Capital Management LLC purchased a new position in NIO in the third quarter worth $91,440,000. Voloridge Investment Management LLC purchased a new position in NIO in the third quarter worth $89,952,000. Finally, RWC Asset Advisors US LLC bought a new position in NIO in the third quarter valued at $79,761,000. 48.55% of the stock is currently owned by 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.