NIO (NYSE:NIO) Stock Price Down 1.9% – Here’s Why

Shares of NIO Inc. (NYSE:NIO) fell 1.9% on Thursday. The stock traded as low as $3.24 and last traded at $3.2950. Approximately 28,267,688 shares were traded during trading, a decline of 23% from the average session volume of 36,904,043 shares. The stock had previously closed at $3.36.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NIO. JPMorgan Chase & Co. cut shares of NIO from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $7.00 to $4.50 in a research report on Wednesday, September 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of NIO in a report on Wednesday, July 29th. The Goldman Sachs Group reiterated a “buy” rating and issued a $6.10 target price on shares of NIO in a report on Friday, September 4th. Freedom Broker cut shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, Royal Bank Of Canada cut shares of NIO to a “sector perform” rating in a research note on Thursday, September 3rd. Six analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $5.87.

NIO Stock Performance

The firm’s fifty day moving average is $3.81 and its 200-day moving average is $4.88. The stock has a market capitalization of $8.18 billion, a PE ratio of -12.20 and a beta of 0.92. The company has a current ratio of 1.02, a quick ratio of 0.89 and a debt-to-equity ratio of 2.11.

NIO (NYSE:NIO) last posted its earnings results on Saturday, August 15th. The company reported $0.00 earnings per share (EPS) 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%. As a group, research analysts anticipate that NIO Inc. will post -0.13 earnings per share for the current year.

Hedge Funds Weigh In On NIO

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NIO. Bank of America Corp DE boosted its position in NIO by 99.0% in 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 position in shares of NIO by 70.2% during the first quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock worth $87,146,000 after acquiring an additional 5,962,731 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of NIO during the second quarter worth $19,008,000. SG Americas Securities LLC increased its position 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 worth $30,314,000 after acquiring an additional 2,020,754 shares during the period. Finally, Hsbc Holdings PLC increased its position 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 worth $8,051,000 after acquiring an additional 1,387,656 shares during the period. Hedge funds and other institutional investors own 48.55% of the company’s stock.

About NIO

NIO Inc is a Chinese smart electric vehicle manufacturer founded in 2014 and headquartered in Shanghai. The company develops, manufactures and sells premium battery-powered passenger vehicles, including sedans, SUVs and coupés. Its vehicle lineup has included models such as the ET7, ET5, ES6, EL6, EL7 and EC6, along with newer vehicles introduced under the NIO and ONVO brands.

In addition to vehicle sales, NIO provides related services and technologies designed to support electric vehicle ownership.