NIO (NYSE:NIO) Stock Price Up 2.7% on Analyst Upgrade

Shares of Nio Inc – (NYSE:NIO) traded up 2.7% during trading on Friday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $8.00 price target on the stock, up from their previous price target of $5.30. NIO traded as high as $5.18 and last traded at $4.98. 60,154,103 shares were traded during trading, an increase of 17% from the average session volume of 51,433,375 shares. The stock had previously closed at $4.85.

A number of other equities research analysts have also issued reports on the stock. Bank of America boosted their price target on shares of NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a report on Thursday. Citigroup cut their target price on shares of NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Wolfe Research began coverage on NIO in a research report on Thursday. They issued a “peer perform” rating for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, NIO presently has a consensus rating of “Hold” and a consensus target price of $6.94.

Institutional Investors Weigh In On NIO

Several institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of NIO by 23.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,317,758 shares of the company’s stock valued at $10,430,000 after purchasing an additional 439,474 shares in the last quarter. Electron Capital Partners LLC raised its holdings in NIO by 5.6% during the fourth quarter. Electron Capital Partners LLC now owns 4,429,960 shares of the company’s stock valued at $40,180,000 after buying an additional 235,521 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its position in shares of NIO by 127.1% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 378,638 shares of the company’s stock worth $1,704,000 after buying an additional 211,936 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of NIO by 28.2% in the first quarter. CANADA LIFE ASSURANCE Co now owns 2,431,771 shares of the company’s stock worth $10,950,000 after buying an additional 535,400 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of NIO during the 1st quarter worth about $448,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.

NIO Stock Performance

The stock has a fifty day moving average price of $4.25 and a 200 day moving average price of $4.72. The company has a current ratio of 1.15, a quick ratio of 1.03 and a debt-to-equity ratio of 0.55. The firm has a market cap of $8.65 billion, a price-to-earnings ratio of -2.95 and a beta of 1.82.

NIO (NYSE:NIO) last announced its quarterly earnings results on Thursday, September 5th. The company reported ($2.21) EPS for the quarter, meeting the consensus estimate of ($2.21). NIO had a negative return on equity of 111.91% and a negative net margin of 39.38%. The company had revenue of $17.45 billion for the quarter, compared to the consensus estimate of $17.49 billion. During the same quarter last year, the company posted ($0.51) earnings per share. The company’s revenue for the quarter was up 98.9% compared to the same quarter last year. As a group, analysts predict that Nio Inc – will post -1.43 earnings per share for the current year.

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.