Zacks Investment Research upgraded shares of NIO (NYSE:NIO) from a hold rating to a buy rating in a report released on Tuesday, Zacks.com reports. The brokerage currently has $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 NIO from a neutral rating to an underperform rating and cut their price target for the company from $6.20 to $3.00 in a report on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. NIO has a consensus rating of Hold and an average target price of $7.07.
A number of institutional investors have recently made changes to their positions in the business. Hillhouse Capital Management LTD. lifted its holdings in NIO by 96.7% during the 2nd quarter. Hillhouse Capital Management LTD. now owns 41,938,286 shares of the company’s stock valued at $106,943,000 after purchasing an additional 20,618,489 shares during the last quarter. BlackRock Inc. increased its position in NIO by 12,518.0% during the 2nd quarter. BlackRock Inc. now owns 29,141,871 shares of the company’s stock worth $74,312,000 after buying an additional 28,910,916 shares during the period. Morgan Stanley increased its position in NIO by 327.8% during the 2nd quarter. Morgan Stanley now owns 10,712,835 shares of the company’s stock worth $27,318,000 after buying an additional 8,208,374 shares during the period. Vanguard Group Inc. increased its position in NIO by 31.0% during the 2nd quarter. Vanguard Group Inc. now owns 6,855,442 shares of the company’s stock worth $17,481,000 after buying an additional 1,621,838 shares during the period. Finally, BNP Paribas Arbitrage SA increased its position in NIO by 272.8% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,940,616 shares of the company’s stock worth $10,049,000 after buying an additional 2,883,571 shares during the period. 36.93% of the stock is owned by institutional investors and hedge funds.
NIO Company Profile
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.
Recommended Story: Systematic Risk
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.