NIO (NYSE:NIO) Trading Up 0.1% – Still a Buy?

Nio Inc – (NYSE:NIO)’s stock price rose 0.1% during trading on Wednesday . The company traded as high as $4.34 and last traded at $4.33. Approximately 8,980,222 shares changed hands during trading, a decline of 78% from the average daily volume of 40,750,863 shares. The stock had previously closed at $4.32.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. The Goldman Sachs Group downgraded NIO from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $4.80 to $3.90 in a report on Monday, November 25th. HSBC cut NIO from a “buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Macquarie lowered shares of NIO from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $6.60 to $4.80 in a research report on Wednesday, November 20th. Finally, Hsbc Global Res downgraded shares of NIO from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.71.

NIO Price Performance

The stock has a market capitalization of $8.99 billion, a P/E ratio of -2.85 and a beta of 1.70. The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98. The company has a fifty day simple moving average of $4.45 and a two-hundred day simple moving average of $4.77.

Hedge Funds Weigh In On NIO

Institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC bought a new position in NIO in the third quarter valued at $32,000. Blue Trust Inc. grew its position in shares of NIO by 138.5% in the fourth quarter. Blue Trust Inc. now owns 6,212 shares of the company’s stock valued at $27,000 after purchasing an additional 3,607 shares during the last quarter. Trilogy Capital Inc. bought a new position in NIO during the 4th quarter worth $45,000. First Trust Direct Indexing L.P. bought a new position in NIO during the third quarter worth about $76,000. Finally, Apollon Wealth Management LLC acquired a new stake in NIO during the third quarter worth approximately $78,000. Institutional investors own 48.55% of the company’s stock.

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.