NIO (NYSE:NIO) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of NIO (NYSE:NIO) from a hold rating to a buy rating in a research note issued to investors on Tuesday, Zacks.com reports. They currently have $3.25 price target on the stock.

According to Zacks, “NIO Inc. is a premium electric vehicle market. The company designs, jointly manufactures and sells smart and connected premium electric vehicles. It offers electric cars under EP9, EVE and ES8 brand names. The company operates primarily in San Jose, California; Munich, Germany and London, United Kingdom. NIO Inc. is based in Shanghai, China. “

Separately, Bank of America downgraded shares of NIO from a neutral rating to an underperform rating and reduced their price target for the stock from $6.20 to $3.00 in a research report on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average price target of $7.07.

Shares of NYSE:NIO traded up $0.05 on Tuesday, hitting $3.24. The stock had a trading volume of 3,236,127 shares, compared to its average volume of 16,075,085. NIO has a twelve month low of $2.35 and a twelve month high of $13.80. The company has a debt-to-equity ratio of 3.73, a quick ratio of 1.34 and a current ratio of 1.49. The firm’s 50 day moving average price is $3.08 and its 200-day moving average price is $4.25. The company has a market capitalization of $3.41 billion and a price-to-earnings ratio of -0.32.

A number of hedge funds and other institutional investors have recently modified their holdings of NIO. SG Americas Securities LLC acquired a new position in NIO during the 1st quarter worth about $374,000. Janney Montgomery Scott LLC bought a new stake in shares of NIO in the 1st quarter valued at about $424,000. Moors & Cabot Inc. bought a new stake in shares of NIO in the 1st quarter valued at about $64,000. Stevens Capital Management LP bought a new stake in shares of NIO in the 1st quarter valued at about $186,000. Finally, Parkwood LLC bought a new stake in shares of NIO in the 1st quarter valued at about $4,764,000. Institutional investors and hedge funds own 36.93% 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.

Featured Article: What is a dead cat bounce?

Get a free copy of the Zacks research report on NIO (NIO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for NIO (NYSE:NIO)

Receive News & Ratings for NIO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NIO and related companies with MarketBeat.com's FREE daily email newsletter.