NIO (NYSE:NIO) Trading Down 4.5% – Here’s Why

Nio Inc – (NYSE:NIO)’s stock price dropped 4.5% on Wednesday . The stock traded as low as $5.31 and last traded at $5.35. Approximately 23,957,674 shares were traded during trading, a decline of 58% from the average daily volume of 56,712,418 shares. The stock had previously closed at $5.60.

Analyst Ratings Changes

A number of analysts have recently commented on NIO shares. Citigroup cut their target price on NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Daiwa America raised shares of NIO to a “strong-buy” rating in a research note on Monday, September 30th. Bank of America boosted their target price on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Wolfe Research assumed coverage on shares of NIO in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Macquarie upgraded NIO from a “neutral” rating to an “outperform” rating and set a $6.60 target price on the stock in a research report on Monday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $6.11.

NIO Stock Performance

The company has a debt-to-equity ratio of 0.71, a current ratio of 1.11 and a quick ratio of 1.01. The company has a fifty day moving average price of $5.36 and a two-hundred day moving average price of $4.86. The firm has a market cap of $9.18 billion, a price-to-earnings ratio of -3.17 and a beta of 1.86.

NIO (NYSE:NIO) last issued its quarterly earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share for the quarter, hitting analysts’ consensus estimates of ($2.21). The firm had revenue of $17.45 billion for the quarter, compared to analysts’ expectations of $17.49 billion. NIO had a negative return on equity of 104.61% and a negative net margin of 32.47%. NIO’s revenue was up 98.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.51) EPS. As a group, equities research analysts expect that Nio Inc – will post -1.37 EPS for the current year.

Hedge Funds Weigh In On NIO

Several hedge funds have recently bought and sold shares of NIO. Allspring Global Investments Holdings LLC acquired a new position in NIO during the 3rd quarter worth $32,000. Ridgewood Investments LLC acquired a new position in shares of NIO in the 2nd quarter valued at $25,000. First Trust Direct Indexing L.P. bought a new stake in NIO in the third quarter valued at about $76,000. Baader Bank Aktiengesellschaft acquired a new position in NIO in the second quarter worth about $53,000. Finally, Sivia Capital Partners LLC acquired a new stake in NIO during the third quarter valued at approximately $92,000. 48.55% of the stock is owned by institutional investors and hedge funds.

About NIO

NIO Inc designs, manufactures, and sells electric vehicles in the People's Republic of China. The company is also involved in the manufacture of e-powertrain, battery packs, and components; and racing management, technology development, and sales and after-sales management activities. In addition, it offers power solutions for battery charging needs; and other value-added services.