NIO (NYSE:NIO) Trading 3.4% Higher - Here's What Happened

Nio Inc - (NYSE:NIO - Get Free Report)'s stock price was up 3.4% on Friday . The company traded as high as $4.59 and last traded at $4.55. Approximately 13,656,837 shares were traded during trading, a decline of 76% from the average daily volume of 56,479,652 shares. The stock had previously closed at $4.40.

Analysts Set New Price Targets

Several research firms recently weighed in on NIO. The Goldman Sachs Group cut shares of 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 research report on Monday, November 25th. Macquarie downgraded shares of NIO from an "outperform" rating to a "neutral" rating and reduced their price target for the company from $6.60 to $4.80 in a research note on Wednesday, November 20th. Citigroup reduced their price objective on NIO from $8.50 to $7.00 and set a "buy" rating on the stock in a research report on Wednesday, September 4th. Wolfe Research began coverage on NIO in a research note on Thursday, September 5th. They issued a "peer perform" rating for the company. Finally, Bank of America lifted their target price on shares of NIO from $5.00 to $5.30 and gave the stock a "neutral" rating in a research report on Thursday, September 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, NIO presently has an average rating of "Hold" and an average price target of $5.71.

NIO Trading Up 3.2 %

The firm has a market cap of $7.80 billion, a price-to-earnings ratio of -3.01 and a beta of 1.77. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.04 and a quick ratio of 0.93. The firm's fifty day moving average is $4.91 and its 200-day moving average is $4.82.

Institutional Trading of NIO

Several large investors have recently modified their holdings of the stock. Ridgewood Investments LLC acquired a new stake in shares of NIO in the 2nd quarter valued at about $25,000. Allspring Global Investments Holdings LLC acquired a new stake in NIO in the third quarter valued at approximately $32,000. Caprock Group LLC bought a new stake in shares of NIO during the second quarter valued at approximately $63,000. Atomi Financial Group Inc. acquired a new position in shares of NIO during the second quarter worth approximately $70,000. Finally, AE Wealth Management LLC bought a new position in shares of NIO in the 2nd quarter worth $75,000. Institutional investors and hedge funds own 48.55% of the company's stock.

NIO Company Profile

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.