Nio Inc – (NYSE:NIO – Get Free Report) dropped 2.4% on Friday . The stock traded as low as $4.46 and last traded at $4.48. Approximately 12,251,305 shares changed hands during trading, a decline of 78% from the average daily volume of 56,905,000 shares. The stock had previously closed at $4.59.
Analysts Set New Price Targets
NIO has been the subject of a number of recent research reports. JPMorgan Chase & Co. raised shares of NIO from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $5.30 to $8.00 in a research report on Friday, September 6th. Daiwa America raised NIO to a “strong-buy” rating in a research note on Monday, September 30th. Bank of America lifted their price objective on shares of NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a research report on Thursday, September 5th. Macquarie downgraded 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 report on Wednesday, November 20th. Finally, Wolfe Research began coverage on NIO in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $5.71.
Check Out Our Latest Report on NIO
NIO Stock Down 2.4 %
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC acquired a new stake in NIO during the 3rd quarter worth about $32,000. Ridgewood Investments LLC acquired a new stake in shares of NIO in the second quarter valued at about $25,000. First Trust Direct Indexing L.P. purchased a new stake in shares of NIO during the third quarter worth about $76,000. Apollon Wealth Management LLC acquired a new position in shares of NIO during the 3rd quarter worth about $78,000. Finally, Sivia Capital Partners LLC purchased a new position in NIO in the 3rd quarter valued at about $92,000. Institutional investors and hedge funds own 48.55% of the company’s stock.
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.
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