NIO (NYSE:NIO) Upgraded by Zacks Investment Research to “Buy”

NIO (NYSE:NIO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, Zacks.com reports. The firm presently has a $3.25 target price on the stock. Zacks Investment Research‘s target price suggests a potential upside of 3.50% from the stock’s current price.

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 NIO from a “neutral” rating to an “underperform” rating and dropped their price objective for the company from $6.20 to $3.00 in a research note on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $7.07.

Shares of NYSE:NIO opened at $3.14 on Tuesday. The firm has a market capitalization of $3.06 billion and a price-to-earnings ratio of -0.31. The company has a debt-to-equity ratio of 3.73, a current ratio of 1.49 and a quick ratio of 1.34. The business’s 50 day simple moving average is $3.09 and its 200-day simple moving average is $4.30. NIO has a 12 month low of $2.35 and a 12 month high of $13.80.

A number of institutional investors and hedge funds have recently made changes to their positions in NIO. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in shares of NIO during the 2nd quarter worth about $748,000. Maverick Capital Ltd. purchased a new stake in NIO in the second quarter valued at approximately $404,000. Amundi Pioneer Asset Management Inc. purchased a new stake in NIO in the second quarter valued at approximately $3,388,000. Tenzing Global Management LLC increased its position in NIO by 6.7% during the second quarter. Tenzing Global Management LLC now owns 80,000 shares of the company’s stock worth $204,000 after purchasing an additional 5,000 shares during the last quarter. Finally, Voloridge Investment Management LLC acquired a new position in NIO during the second quarter worth approximately $6,786,000. Institutional investors 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.

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