NIO (NYSE:NIO) Stock Price Up 5.1% – Time to Buy?

Shares of NIO Inc. (NYSE:NIO) were up 5.1% on Friday. The company traded as high as $3.63 and last traded at $3.5850. 43,426,164 shares changed hands during trading, an increase of 17% from the average session volume of 37,202,555 shares. The stock had previously closed at $3.41.

Wall Street Analyst Weigh In

Several brokerages recently commented on NIO. Citigroup reaffirmed a “buy” rating on shares of NIO in a research report on Tuesday, September 1st. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $6.10 price target on shares of NIO in a report on Friday, September 4th. Royal Bank Of Canada downgraded shares of NIO to a “sector perform” rating in a research note on Thursday, September 3rd. Freedom Broker downgraded NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Finally, Zacks Research cut NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $5.87.

NIO Price Performance

The stock has a market cap of $8.90 billion, a price-to-earnings ratio of -13.28 and a beta of 0.92. The stock’s 50 day moving average price is $4.04 and its two-hundred day moving average price is $5.03. The company has a quick ratio of 0.89, a current ratio of 1.02 and a debt-to-equity ratio of 2.11.

NIO (NYSE:NIO) last posted its earnings results on Saturday, August 15th. The company reported $0.00 earnings per share (EPS) for the quarter. NIO had a negative net margin of 3.95% and a negative return on equity of 111.37%. The company had revenue of $4.73 billion during the quarter. Equities research analysts forecast that NIO Inc. will post -0.13 EPS for the current fiscal year.

Institutional Trading of NIO

Hedge funds have recently modified their holdings of the stock. Persistent Asset Partners Ltd purchased a new position in NIO during the second quarter valued at approximately $34,000. Merkkuri Wealth Advisors LLC acquired a new stake in shares of NIO during the 1st quarter worth approximately $41,000. Global Retirement Partners LLC acquired a new position in shares of NIO in the 2nd quarter valued at $34,000. Wellington Altus USA Inc. purchased a new stake in NIO during the second quarter worth $35,000. Finally, EverSource Wealth Advisors LLC grew its position in NIO by 120.7% during the first quarter. EverSource Wealth Advisors LLC now owns 8,015 shares of the company’s stock valued at $48,000 after buying an additional 4,383 shares during the period. Hedge funds and other institutional investors own 48.55% of the company’s stock.

About NIO

NIO Inc is a Chinese technology and electric vehicle company headquartered in Shanghai. Founded in 2014, the company designs, develops and sells smart electric vehicles, including SUVs, sedans and other passenger vehicles. Its product portfolio has included models such as the ES6, ES7, ES8, ET5, ET5T and ET7, with model names varying by market.

In addition to vehicle sales, NIO provides related services and technologies, including battery-swapping stations, charging services, mobile charging, digital connectivity and driver-assistance features.