NIO (NYSE:NIO) Stock Price Down 1.5% – Here’s What Happened

NIO Inc. (NYSE:NIO) shares dropped 1.5% during trading on Wednesday . The stock traded as low as $4.53 and last traded at $4.55. 20,710,649 shares were traded during mid-day trading, a decline of 45% from the average session volume of 37,858,488 shares. The stock had previously closed at $4.62.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NIO shares. Weiss Ratings reissued a “sell (e+)” rating on shares of NIO in a research note on Wednesday, July 29th. Bank of America reaffirmed a “neutral” rating and issued a $6.80 price objective on shares of NIO in a research note on Thursday, May 21st. Zacks Research upgraded NIO from a “hold” rating to a “strong-buy” rating in a report on Monday, July 27th. The Goldman Sachs Group raised NIO from a “neutral” rating to a “buy” rating and set a $7.00 target price on the stock in a research report on Monday, July 13th. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $6.00 price target on shares of NIO in a report on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, NIO has an average rating of “Moderate Buy” and an average target price of $6.70.

NIO Stock Up 0.3%

The firm has a market cap of $11.21 billion, a PE ratio of -8.21 and a beta of 0.91. The company has a 50-day simple moving average of $4.90 and a 200-day simple moving average of $5.36. The company has a debt-to-equity ratio of 1.94, a current ratio of 1.01 and a quick ratio of 0.90.

Hedge Funds Weigh In On NIO

Large investors have recently bought and sold shares of the business. Renaissance Technologies LLC grew its position in 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 during the last quarter. Bank of America Corp DE lifted its position 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 worth $85,800,000 after purchasing an additional 7,079,903 shares during the last quarter. Voloridge Investment Management LLC lifted its position in shares of NIO by 14.4% during the fourth quarter. Voloridge Investment Management LLC now owns 13,498,709 shares of the company’s stock worth $68,843,000 after purchasing an additional 1,694,023 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of NIO by 3,966.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,316,291 shares of the company’s stock valued at $20,255,000 after purchasing an additional 5,185,565 shares during the period. Finally, SG Americas Securities LLC boosted its stake in shares of NIO by 67.2% during the first quarter. SG Americas Securities LLC now owns 5,027,161 shares of the company’s stock valued at $30,314,000 after purchasing an additional 2,020,754 shares during the period. Hedge funds and other institutional investors own 48.55% of the company’s stock.

NIO Company Profile

NIO Inc is a pioneer in the premium electric vehicle (EV) segment, dedicated to the design, development and manufacture of smart, high-performance EVs. Established in November 2014 and headquartered in Shanghai, China, the company focuses on integrating cutting-edge electric propulsion, advanced connectivity and autonomous driving technologies into its automotive platforms. NIO’s vision centers on creating a holistic user experience that extends beyond the vehicle itself, encompassing energy services and digital solutions.

The company’s product lineup includes flagship SUVs and sedans such as the ES8, ES6, EC6, ET7 and ET5, each engineered to deliver strong performance, long range and a suite of intelligent driver-assistance features.