NIO (NYSE:NIO) Stock Price Up 2.8% – Here’s Why

NIO Inc. (NYSE:NIO) shares were up 2.8% during trading on Friday . The stock traded as high as $4.76 and last traded at $4.7270. 24,979,675 shares were traded during trading, a decline of 34% from the average session volume of 37,909,922 shares. The stock had previously closed at $4.60.

Analysts Set New Price Targets

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

NIO Stock Performance

The firm’s 50 day moving average price is $5.01 and its two-hundred day moving average price is $5.36. The firm has a market cap of $11.74 billion, a PE ratio of -8.59 and a beta of 0.91. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.90 and a current ratio of 1.01.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NIO. Renaissance Technologies LLC lifted its stake in NIO by 70.2% during the first quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock worth $87,146,000 after purchasing an additional 5,962,731 shares in the last quarter. ABC Arbitrage SA acquired a new stake in shares of NIO in the first quarter valued at $4,043,000. Hsbc Holdings PLC raised its holdings in shares of NIO by 48.8% in the 4th quarter. Hsbc Holdings PLC now owns 680,382 shares of the company’s stock valued at $3,445,000 after buying an additional 223,178 shares during the period. Centaurus Financial Inc. purchased a new stake in shares of NIO in the 1st quarter valued at $1,793,000. Finally, Havemeyer Place LP acquired a new position in NIO during the 4th quarter worth about $1,985,000. 48.55% of the stock is currently owned by hedge funds and other institutional investors.

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.