NIO (NYSE:NIO)'s stock had its "buy" rating reiterated by analysts at Bank of America in a research report issued on Friday, Briefing.com reports. They currently have a $54.70 price objective on the stock. Bank of America's price objective points to a potential upside of 0.66% from the company's previous close.
Other analysts also recently issued research reports about the company. Morgan Stanley upgraded NIO from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $12.00 to $20.50 in a research note on Wednesday, August 26th. UBS Group upgraded NIO from a "sell" rating to a "neutral" rating and set a $16.30 price target on the stock in a research note on Tuesday, August 25th. Credit Suisse Group boosted their price target on NIO from $17.50 to $25.00 in a research note on Thursday, September 3rd. Deutsche Bank Aktiengesellschaft boosted their price target on NIO from $34.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, November 19th. Finally, HSBC started coverage on NIO in a research note on Friday, October 30th. They set a "hold" rating and a $30.00 price target on the stock. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. The stock currently has a consensus rating of "Hold" and a consensus price target of $24.31.
NIO stock opened at $54.34 on Friday. The business's 50-day simple moving average is $35.39 and its two-hundred day simple moving average is $17.79. The company has a market cap of $55.09 billion, a PE ratio of -47.67 and a beta of 2.61. NIO has a fifty-two week low of $2.11 and a fifty-two week high of $57.20.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NIO. Electron Capital Partners LLC acquired a new position in NIO in the 2nd quarter worth about $69,808,000. Robecosam AG acquired a new position in NIO in the 3rd quarter worth about $101,856,000. Aspex Management HK Ltd acquired a new position in NIO in the 3rd quarter worth about $84,880,000. WT Asset Management Ltd acquired a new position in NIO in the 2nd quarter worth about $19,623,000. Finally, Trivest Advisors Ltd acquired a new position in NIO in the 3rd quarter worth about $35,650,000. 39.43% of the stock is owned by institutional investors.
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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7 Cloud Computing Stocks to Lift Your Portfolio to New Heights
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