NIO (NYSE:NIO) Shares Up 2.8% - Here's Why

Shares of NIO Inc. (NYSE:NIO - Get Free Report) traded up 2.8% during trading on Tuesday . The company traded as high as $3.53 and last traded at $3.53. 10,408,782 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 52,574,089 shares. The stock had previously closed at $3.43.

Wall Street Analysts Forecast Growth

NIO has been the subject of several recent analyst reports. Citigroup restated a "buy" rating on shares of NIO in a research note on Monday, April 28th. Cfra Research upgraded NIO to a "hold" rating in a research note on Friday, March 21st. Barclays cut their target price on NIO from $4.00 to $3.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 4th. The Goldman Sachs Group raised shares of NIO from a "sell" rating to a "neutral" rating and raised their price target for the stock from $3.70 to $3.80 in a research report on Tuesday, June 17th. Finally, Mizuho cut their price target on shares of NIO from $4.00 to $3.50 and set a "neutral" rating on the stock in a report on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, NIO has a consensus rating of "Hold" and a consensus target price of $4.74.

NIO Price Performance

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 company's fifty day moving average price is $3.78 and its 200 day moving average price is $4.11. The firm has a market capitalization of $7.23 billion, a price-to-earnings ratio of -2.14 and a beta of 1.62.

NIO (NYSE:NIO - Get Free Report) last announced its quarterly earnings results on Tuesday, June 3rd. The company reported ($0.45) earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $12.46 billion. During the same quarter in the previous year, the company posted ($2.39) earnings per share. The firm's revenue for the quarter was up 21.5% compared to the same quarter last year. Equities research analysts expect that NIO Inc. will post -1.43 earnings per share for the current year.

Hedge Funds Weigh In On NIO

Several institutional investors have recently modified their holdings of the company. Jones Financial Companies Lllp grew its position in NIO by 131.8% in the 4th quarter. Jones Financial Companies Lllp now owns 7,619 shares of the company's stock worth $33,000 after purchasing an additional 4,332 shares during the last quarter. Xponance Inc. bought a new stake in shares of NIO during the first quarter valued at approximately $39,000. Blueshift Asset Management LLC acquired a new position in shares of NIO during the first quarter worth approximately $43,000. Sava Infond d.o.o. bought a new stake in NIO during the 4th quarter valued at $44,000. Finally, Callan Family Office LLC bought a new stake in NIO during the 4th quarter valued at $44,000. 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.