The stock of NIO Limited (NYSE:NIO) is now priced at $19.03 and the shares are 0.53 points up or 2.86% higher compared to its previous closing price of $18.5. The stock had 224 million contracts set over the past session. NIO shares’ daily volume is compared to its average trading volume at 135 million shares. However, it has a float of 767 million and although its performance was 27.12% over the week, it’s one to watch. Analysts have given the NIO stock a yearly average price target of $13.01 per share. It means the stock’s downside potential is -31.63% with the NIO share price recently placing at $16.82 to $19.83. However, some brokerage firms have priced the stock below the average, including one that has called $¥30.07.

The shorts are running away from the NIO Limited stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NIO shares have declined. Short interest in the stock represents just 14.41% of its float, but the volume has dropped by 0.

In the last trading session, NIO Limited (NYSE:NIO) raised by $4.06 over the week and gained $5.43 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $20.97. The stock recorded its established 52-week high on 08/26/20.

Since 10/02/19, the stock has traded to a low of $1.19 at 1499.16%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.

Looking at current readings, NIO Limited’s two-week RSI is 69.1. 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 78.25% meaning the NIO share price is currently in oversold territory.

The technical chart shows that the NIO stock will likely settle at between $20.3 and $21.57 per share. However, if the stock dips below $17.29, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.55.

Currently, the stock is trading in the green of MACD, with a reading of 2.18. 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 Morgan Stanley raised their recommendation for NIO from Equal-Weight to Overweight in August 26 review while maintain their target price of $20.5. UBS analysts upgraded their recommendation of the stock from Sell to Neutral in a flash note released to investors on August 25. Goldman seeing the stock struggling downgraded it from Neutral to Sell on July 17.

The average rating for the NIO equity is 2.92 and is currently gathering a bullish momentum. Of 13 analysts tracking NIO Limited polled by Reuters, 6 rated NIO as a hold. The remaining 7 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 2 analyst advised investors against buying the stock or to sell if they own any of the stock.

The stocks P/S ratio currently stands below the group’s average of 63.8. NIO Limited has its P/E ratio at 0, which means that the stock is currently trading at a discount relative to the 2.4 industry average.

Zacks Consensus Estimate forecasts that the current-quarter revenues for NIO Limited (NYSE:NIO) will decrease by about -99.88%, which will see them reach $617 million. The company’s full-year revenues are, however, expected to increase by about 91.07%, up from $1120 million to $2140 million. NIO’s expected adjusted earnings should drop almost -92.86% to end up at -$0.17 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -52% to record -$0.72/share.