The stock of NIO Inc. (NYSE:NIO) is now priced at $11.69 and the shares are -0.13 points down or -1.1% lower compared to its previous closing price of $11.82. The stock had 63.373 million contracts set over the past session. NIO shares’ daily volume is compared to its average trading volume at 110 million shares. However, it has a float of 839 million and although its performance was -8.81% over the week, it’s one to watch. Analysts have given the NIO stock a yearly average price target of $6.24 per share. It means the stock’s downside potential is -46.62% with the NIO share price recently placing at $10.91 to $11.9. However, some brokerage firms have priced the stock below the average, including one that has called yen;7.03.

The shorts are running away from the NIO Inc. stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the NIO shares have declined. Short interest in the stock represents just 15.16% of its float, but the volume has dropped by 0.

In the last trading session, NIO Inc. (NYSE:NIO) dropped by -$1.13 over the week and gained $4.79 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $16.44. The stock recorded its established 52-week high on 07/13/20.

Since 10/02/19, the stock has traded to a low of $1.19 at 882.35%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.

Looking at current readings, NIO Inc.’s two-week RSI is 56.22. This suggests that the stock is neutral at the moment and that NIO shares’ price movement remains stable. The stochastic readings are equally revealing at 23.86% meaning the NIO share price is currently in overbought territory.

The technical chart shows that the NIO stock will likely settle at between $12.1 and $12.5 per share. However, if the stock dips below $11.28, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $10.86.

Currently, the stock is trading in the red of MACD, with a reading of -0.48. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.

Analysts at Goldman cut their recommendation for NIO from Neutral to Sell in July 17 review. Goldman analysts downgraded their recommendation of the stock from Buy to Neutral while keeping its target price at $7 in a flash note released to investors on June 24. Goldman seeing the improvements upgraded the stock from Neutral to Buy on June 03.

The average rating for the NIO equity is 2.85 and is currently gathering a bullish momentum. Of 13 analysts tracking NIO Inc. polled by Reuters, 7 rated NIO as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 3 analyst advised investors against buying the stock or to sell if they own any of the stock.

Elsewhere, the NIO stocks P/S ratio currently stands below the group’s average of 21.8. NIO Inc. has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 1.7 industry average.

Zacks Consensus Estimate forecasts that the current-quarter revenues for NIO Inc. (NYSE:NIO) will decrease by about -99.74%, which will see them reach $501.4 million. The company’s full-year revenues are, however, expected to increase by about 73.21%, up from $1120 million to $1940 million. NIO’s expected adjusted earnings should drop almost -40.91% to end up at -$0.26 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -40.67% to record -$0.89/share.

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