Nio Inc – (NYSE:NIO – Get Free Report)’s share price was up 2.3% during trading on Thursday . The stock traded as high as $4.51 and last traded at $4.42. Approximately 10,774,675 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 56,583,453 shares. The stock had previously closed at $4.32.
Wall Street Analyst Weigh In
A number of research firms have weighed in on NIO. Macquarie downgraded shares of NIO from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $6.60 to $4.80 in a research note on Wednesday, November 20th. Daiwa America raised shares of NIO to a “strong-buy” rating in a research note on Monday, September 30th. Bank of America increased their price target on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. JPMorgan Chase & Co. raised shares of NIO from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $5.30 to $8.00 in a report on Friday, September 6th. Finally, Citigroup dropped their price target on shares of NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $5.71.
Read Our Latest Research Report on NIO
NIO Price Performance
Institutional Investors Weigh In On NIO
Institutional investors and hedge funds have recently modified their holdings of the stock. Ridgewood Investments LLC acquired a new stake in shares of NIO during the second quarter worth $25,000. Allspring Global Investments Holdings LLC acquired a new position in shares of NIO in the third quarter worth about $32,000. Caprock Group LLC acquired a new stake in NIO during the 2nd quarter valued at $63,000. Atomi Financial Group Inc. acquired a new position in shares of NIO during the 2nd quarter worth $70,000. Finally, AE Wealth Management LLC acquired a new stake in NIO in the 2nd quarter worth approximately $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.
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