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

Nio Inc - (NYSE:NIO - Get Free Report)'s share price shot up 3.4% on Friday . The stock traded as high as $4.49 and last traded at $4.39. 19,763,161 shares changed hands during trading, a decline of 63% from the average session volume of 54,104,266 shares. The stock had previously closed at $4.24.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on NIO. JPMorgan Chase & Co. lowered shares of NIO from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $7.00 to $4.70 in a research report on Tuesday, February 4th. The Goldman Sachs Group lowered shares of NIO from a "neutral" rating to a "sell" rating and decreased their target price for the company from $4.80 to $3.90 in a research report on Monday, November 25th. HSBC lowered shares of 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 decreased their target price for the company from $6.60 to $4.80 in a research report on Wednesday, November 20th. Finally, Hsbc Global Res lowered shares of NIO from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, NIO currently has a consensus rating of "Hold" and a consensus target price of $5.30.

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NIO Stock Performance

The stock's 50-day simple moving average is $4.33 and its 200 day simple moving average is $4.80. The stock has a market capitalization of $9.30 billion, a price-to-earnings ratio of -2.95 and a beta of 1.81. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98.

Hedge Funds Weigh In On NIO

A number of large investors have recently modified their holdings of the stock. PDS Planning Inc lifted its position in shares of NIO by 13.0% during the fourth quarter. PDS Planning Inc now owns 22,786 shares of the company's stock worth $99,000 after purchasing an additional 2,627 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of NIO by 25.3% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 13,440 shares of the company's stock worth $59,000 after purchasing an additional 2,712 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of NIO by 20.4% during the fourth quarter. Franklin Resources Inc. now owns 16,486 shares of the company's stock worth $72,000 after purchasing an additional 2,788 shares in the last quarter. Perigon Wealth Management LLC lifted its position in shares of NIO by 24.1% during the fourth quarter. Perigon Wealth Management LLC now owns 14,769 shares of the company's stock worth $61,000 after purchasing an additional 2,867 shares in the last quarter. Finally, TD Waterhouse Canada Inc. lifted its position in shares of NIO by 17.0% during the fourth quarter. TD Waterhouse Canada Inc. now owns 21,653 shares of the company's stock worth $94,000 after purchasing an additional 3,152 shares in the last quarter. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.