NIO (NYSE:NIO) Shares Gap Up - Still a Buy?

Nio Inc - (NYSE:NIO - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $5.15, but opened at $5.46. NIO shares last traded at $5.26, with a volume of 22,662,896 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on NIO shares. Wolfe Research began coverage on shares of NIO in a research report on Thursday, September 5th. They set a "peer perform" rating for the company. Daiwa America upgraded shares of NIO to a "strong-buy" rating in a research note on Monday, September 30th. JPMorgan Chase & Co. upgraded NIO from a "neutral" rating to an "overweight" rating and increased their price target for the stock from $5.30 to $8.00 in a research report on Friday, September 6th. Bank of America lifted their price objective on NIO from $5.00 to $5.30 and gave the company a "neutral" rating in a research report on Thursday, September 5th. Finally, Citigroup decreased their target price on NIO from $8.50 to $7.00 and set a "buy" rating on the stock in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, NIO currently has an average rating of "Hold" and an average price target of $5.93.

NIO Stock Up 1.4 %

The company has a market capitalization of $8.97 billion, a P/E ratio of -3.09 and a beta of 1.86. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.71. The firm has a fifty day simple moving average of $5.13 and a 200-day simple moving average of $4.81.

NIO (NYSE:NIO - Get Free Report) last posted its earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($2.21). The business had revenue of $17.45 billion during the quarter, compared to analysts' expectations of $17.49 billion. NIO had a negative return on equity of 104.61% and a negative net margin of 32.47%. NIO's revenue for the quarter was up 98.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.51) EPS. On average, equities research analysts expect that Nio Inc - will post -1.37 EPS for the current fiscal year.

Institutional Trading of NIO

Institutional investors have recently modified their holdings of the company. Ridgewood Investments LLC acquired a new stake in NIO in the 2nd quarter valued at approximately $25,000. Sound Income Strategies LLC lifted its position in shares of NIO by 3,333.3% in the first quarter. Sound Income Strategies LLC now owns 10,300 shares of the company's stock worth $46,000 after purchasing an additional 10,000 shares in the last quarter. Perigon Wealth Management LLC acquired a new position in NIO during the first quarter worth $51,000. Baader Bank Aktiengesellschaft acquired a new position in NIO during the second quarter worth $53,000. Finally, Edge Wealth Management LLC bought a new position in NIO in the first quarter valued at $54,000. 48.55% of the stock is currently owned by institutional investors.

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.