NIO (NYSE:NIO) Stock Falls 3.2% – Here’s Why

NIO Inc. (NYSE:NIO) dropped 3.2% on Monday. The company traded as low as $3.43 and last traded at $3.4650. Approximately 26,316,509 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 37,149,035 shares. The stock had previously closed at $3.58.

Analyst Upgrades and Downgrades

NIO has been the subject of several research reports. Zacks Research lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. downgraded shares of NIO from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $7.00 to $4.50 in a report on Wednesday, September 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $6.10 target price on shares of NIO in a research note on Friday, September 4th. Freedom Broker lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, Sanford C. Bernstein reduced their target price on shares of NIO from $6.00 to $5.00 and set a “market perform” rating for the company in a report on Wednesday, September 2nd. Six analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, NIO currently has a consensus rating of “Hold” and an average target price of $5.87.

NIO Stock Performance

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 firm has a market capitalization of $8.60 billion, a PE ratio of -12.83 and a beta of 0.92. The firm has a fifty day moving average price of $4.01 and a 200 day moving average price of $5.01.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in shares of NIO by 99.0% during the first quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock valued at $85,800,000 after acquiring an additional 7,079,903 shares during the period. Renaissance Technologies LLC lifted its position in shares of NIO by 70.2% in the 1st quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock valued at $87,146,000 after acquiring an additional 5,962,731 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of NIO in the 2nd quarter valued at approximately $19,008,000. SG Americas Securities LLC boosted its stake in NIO by 67.2% in the 1st 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 stake in NIO by 651.5% in the 2nd quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company’s stock worth $8,051,000 after purchasing an additional 1,387,656 shares during the period. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.