NIO (NYSE:NIO) Shares Gap Up - Here's What Happened

NIO Inc. (NYSE:NIO - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $3.90, but opened at $4.11. NIO shares last traded at $4.11, with a volume of 30,554,751 shares.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NIO. Barclays cut their price target on shares of NIO from $4.00 to $3.00 and set an "underweight" rating for the company in a research note on Wednesday, June 4th. Citigroup reiterated a "buy" rating on shares of NIO in a research note on Monday, April 28th. Morgan Stanley reiterated a "buy" rating on shares of NIO in a research note on Monday. The Goldman Sachs Group upgraded shares of NIO from a "sell" rating to a "neutral" rating and lifted their target price for the company from $3.70 to $3.80 in a research note on Tuesday, June 17th. Finally, Cfra Research upgraded shares of NIO to a "hold" rating in a research note on Friday, March 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $4.74.

NIO Stock Up 6.9%

The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.69 and a current ratio of 0.84. The firm's 50-day moving average is $3.71 and its two-hundred day moving average is $4.02. The stock has a market cap of $9.17 billion, a P/E ratio of -2.71 and a beta of 1.55.

NIO (NYSE:NIO - Get Free Report) last posted its quarterly earnings data on Tuesday, June 3rd. The company reported ($0.45) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.23). NIO had a negative return on equity of 286.45% and a negative net margin of 35.51%. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $12.46 billion. During the same quarter last year, the firm earned ($2.39) EPS. The business's revenue for the quarter was up 21.5% on a year-over-year basis. On average, equities research analysts anticipate that NIO Inc. will post -1.43 earnings per share for the current year.

Institutional Trading of NIO

Institutional investors and hedge funds have recently made changes to their positions in the business. SIH Partners LLLP raised its position in shares of NIO by 23.1% during the 4th quarter. SIH Partners LLLP now owns 933,700 shares of the company's stock valued at $4,071,000 after acquiring an additional 175,000 shares during the last quarter. Arizona PSPRS Trust acquired a new position in shares of NIO in the 4th quarter valued at $1,330,000. Raymond James Financial Inc. acquired a new position in shares of NIO in the 4th quarter valued at $1,776,000. Bridgewater Associates LP grew its holdings in shares of NIO by 28.6% in the 4th quarter. Bridgewater Associates LP now owns 1,185,674 shares of the company's stock valued at $5,170,000 after buying an additional 263,338 shares during the period. Finally, Trexquant Investment LP acquired a new position in shares of NIO in the 4th quarter valued at $3,305,000. Institutional investors 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.