NIO (NYSE:NIO) Stock Price Up 6.4% - Here's What Happened

Nio Inc - (NYSE:NIO - Get Free Report)'s share price traded up 6.4% on Thursday . The company traded as high as $4.70 and last traded at $4.64. 29,634,725 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 56,068,160 shares. The stock had previously closed at $4.36.

Analysts Set New Price Targets

NIO has been the subject of several analyst reports. Wolfe Research began coverage on NIO in a research report on Thursday, September 5th. They set a "peer perform" rating for the company. Citigroup cut their price target on shares of NIO from $8.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, September 4th. Bank of America lifted their target price on NIO from $5.00 to $5.30 and gave the stock a "neutral" rating in a research report on Thursday, September 5th. JPMorgan Chase & Co. upgraded NIO from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $5.30 to $8.00 in a research note on Friday, September 6th. Finally, The Goldman Sachs Group lowered shares of NIO from a "neutral" rating to a "sell" rating and lowered their target price for the stock from $4.80 to $3.90 in a research report on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $5.71.

NIO Trading Up 4.4 %

The business's 50 day moving average price is $4.73 and its 200-day moving average price is $4.80. The firm has a market capitalization of $7.82 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.

Institutional Trading of NIO

Hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. raised its position in NIO by 140.2% in the third quarter. Principal Financial Group Inc. now owns 75,100 shares of the company's stock worth $502,000 after acquiring an additional 43,839 shares in the last quarter. Garden State Investment Advisory Services LLC acquired a new position in NIO during the third quarter worth about $374,000. Tidal Investments LLC lifted its position in shares of NIO by 2.4% during the 3rd quarter. Tidal Investments LLC now owns 280,140 shares of the company's stock valued at $1,871,000 after acquiring an additional 6,545 shares during the period. Sanctuary Advisors LLC grew its holdings in shares of NIO by 63.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 82,859 shares of the company's stock worth $553,000 after acquiring an additional 32,069 shares during the period. Finally, Toronto Dominion Bank raised its holdings in NIO by 1,652,962.5% during the third quarter. Toronto Dominion Bank now owns 132,245 shares of the company's stock worth $883,000 after purchasing an additional 132,237 shares during the last quarter. 48.55% of the stock is 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.