NIO (NYSE:NIO) Stock Price Up 2% – Here’s Why

Shares of NIO Inc. (NYSE:NIO) were up 2% during mid-day trading on Monday . The stock traded as high as $4.61 and last traded at $4.61. 16,974,316 shares changed hands during trading, a decline of 55% from the average daily volume of 37,571,977 shares. The stock had previously closed at $4.52.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Bank of America reaffirmed a “neutral” rating and set a $6.80 price objective on shares of NIO in a research report on Thursday, May 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of NIO in a research report on Wednesday, July 29th. The Goldman Sachs Group upgraded NIO from a “neutral” rating to a “buy” rating and set a $7.00 target price on the stock in a research note on Monday, July 13th. Zacks Research raised NIO from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $6.00 price target on shares of NIO in a research note on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $6.70.

NIO Price Performance

The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.90 and a current ratio of 1.01. The company has a fifty day moving average price of $4.88 and a two-hundred day moving average price of $5.36. The company has a market cap of $11.45 billion, a P/E ratio of -8.38 and a beta of 0.91.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of NIO by 25.7% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 451,100 shares of the company’s stock worth $2,283,000 after purchasing an additional 92,114 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in shares of NIO in the second quarter valued at $34,000. Global Retirement Partners LLC bought a new position in shares of NIO in the second quarter valued at $34,000. Focus Partners Advisor Solutions LLC increased its holdings in NIO by 17.5% during the second quarter. Focus Partners Advisor Solutions LLC now owns 29,605 shares of the company’s stock worth $150,000 after buying an additional 4,406 shares during the last quarter. Finally, HighTower Advisors LLC increased its holdings in NIO by 15.7% during the second quarter. HighTower Advisors LLC now owns 68,866 shares of the company’s stock worth $348,000 after buying an additional 9,357 shares during the last quarter. Institutional investors and hedge funds own 48.55% of the company’s stock.

NIO Company Profile

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.