NIO (NYSE:NIO) Stock Price Down 4.6% – What’s Next?

NIO Inc. (NYSE:NIO)’s stock price fell 4.6% during trading on Wednesday. The company traded as low as $3.38 and last traded at $3.3950. 35,479,754 shares were traded during mid-day trading, a decline of 4% from the average daily volume of 37,132,805 shares. The stock had previously closed at $3.56.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NIO. Weiss Ratings reissued a “sell (e+)” rating on shares of NIO in a report on Wednesday, July 29th. Citigroup restated a “buy” rating on shares of NIO in a research report on Tuesday, September 1st. Zacks Research cut shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. JPMorgan Chase & Co. lowered shares of NIO from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $7.00 to $4.50 in a research note on Wednesday, September 2nd. Finally, Sanford C. Bernstein lowered their price objective on NIO from $6.00 to $5.00 and set a “market perform” rating on the stock in a report on Wednesday, September 2nd. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $5.87.

NIO Trading Down 3.0%

The firm has a market cap of $8.43 billion, a PE ratio of -12.57 and a beta of 0.92. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.02 and a quick ratio of 0.89. The business has a 50-day moving average price of $3.92 and a two-hundred day moving average price of $4.95.

NIO (NYSE:NIO) last issued its quarterly earnings data on Saturday, August 15th. The company reported $0.00 EPS for the quarter. NIO had a negative net margin of 3.95% and a negative return on equity of 111.37%. The firm had revenue of $4.73 billion for the quarter. Analysts forecast that NIO Inc. will post -0.13 EPS for the current year.

Institutional Trading of NIO

Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of America Corp DE grew its stake in shares of NIO by 99.0% during the 1st quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock valued at $85,800,000 after buying an additional 7,079,903 shares during the period. Renaissance Technologies LLC increased its holdings in NIO by 70.2% during the 1st quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock worth $87,146,000 after purchasing an additional 5,962,731 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of NIO in the 2nd quarter valued at about $19,008,000. SG Americas Securities LLC boosted its holdings in NIO by 67.2% in the first quarter. SG Americas Securities LLC now owns 5,027,161 shares of the company’s stock worth $30,314,000 after purchasing an additional 2,020,754 shares during the period. Finally, Hsbc Holdings PLC boosted its holdings in shares of NIO by 651.5% during the second quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company’s stock valued at $8,051,000 after acquiring an additional 1,387,656 shares during the period. 48.55% of the stock is owned by hedge funds and other institutional investors.

About NIO

NIO Inc is a Chinese technology and electric vehicle company headquartered in Shanghai. Founded in 2014, the company designs, develops and sells smart electric vehicles, including SUVs, sedans and other passenger vehicles. Its product portfolio has included models such as the ES6, ES7, ES8, ET5, ET5T and ET7, with model names varying by market.

In addition to vehicle sales, NIO provides related services and technologies, including battery-swapping stations, charging services, mobile charging, digital connectivity and driver-assistance features.