NIO (NYSE:NIO) Shares Gap Up – Time to Buy?

Nio Inc – (NYSE:NIO)’s share price gapped up prior to trading on Monday . The stock had previously closed at $4.61, but opened at $4.94. NIO shares last traded at $5.22, with a volume of 32,804,740 shares trading hands.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Macquarie lowered shares of NIO from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $6.60 to $4.80 in a research note on Wednesday, November 20th. Bank of America upped their price objective on shares of NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Wolfe Research assumed coverage on shares of NIO in a research note on Thursday, September 5th. They issued a “peer perform” rating on the stock. JPMorgan Chase & Co. upgraded shares of NIO from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $5.30 to $8.00 in a research note on Friday, September 6th. Finally, Citigroup dropped their price objective 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. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.71.

NIO Stock Down 7.8 %

The business’s 50 day moving average is $5.20 and its 200-day moving average is $4.84. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.93 and a current ratio of 1.04. The firm has a market capitalization of $8.21 billion, a price-to-earnings ratio of -3.16 and a beta of 1.77.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NIO. Ballentine Partners LLC boosted its holdings in NIO by 11.5% in the 3rd quarter. Ballentine Partners LLC now owns 24,020 shares of the company’s stock valued at $160,000 after purchasing an additional 2,482 shares during the period. Atomi Financial Group Inc. boosted its holdings in NIO by 15.5% in the 3rd quarter. Atomi Financial Group Inc. now owns 19,327 shares of the company’s stock valued at $129,000 after purchasing an additional 2,588 shares during the period. Harel Insurance Investments & Financial Services Ltd. boosted its holdings in NIO by 22.0% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,693 shares of the company’s stock valued at $61,000 after purchasing an additional 2,651 shares during the period. Assenagon Asset Management S.A. boosted its holdings in NIO by 4.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 63,093 shares of the company’s stock valued at $262,000 after purchasing an additional 2,915 shares during the period. Finally, Greenwich Wealth Management LLC boosted its holdings in NIO by 12.9% in the 2nd quarter. Greenwich Wealth Management LLC now owns 29,027 shares of the company’s stock valued at $121,000 after purchasing an additional 3,315 shares during the period. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.