NIO (NYSE:NIO) Stock Falls 2.5% – Here’s What Happened

NIO Inc. (NYSE:NIO) shares were down 2.5% during mid-day trading on Wednesday. The company traded as low as $3.31 and last traded at $3.3450. Approximately 33,757,452 shares traded hands during mid-day trading, a decline of 9% from the average daily volume of 36,925,445 shares. The stock had previously closed at $3.43.

Analyst Ratings Changes

A number of research firms have weighed in on NIO. Citigroup reissued a “buy” rating on shares of NIO in a report on Tuesday, September 1st. JPMorgan Chase & Co. cut shares of NIO from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $7.00 to $4.50 in a report on Wednesday, September 2nd. Royal Bank Of Canada cut shares of NIO to a “sector perform” rating in a report on Thursday, September 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NIO in a research report on Wednesday, July 29th. Finally, Freedom Broker lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Six research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $5.87.

NIO Trading Down 0.2%

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 $8.21 billion, a PE ratio of -12.24 and a beta of 0.92. The business’s 50-day moving average price is $3.79 and its 200-day moving average price is $4.86.

NIO (NYSE:NIO) last announced its earnings results 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 business had revenue of $4.73 billion for the quarter. As a group, analysts expect that NIO Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NIO

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC grew its holdings 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 buying an additional 5,962,731 shares during the last quarter. Bank of America Corp DE grew its stake in shares of 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 purchasing an additional 7,079,903 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of NIO in the 2nd quarter valued at approximately $19,008,000. Hsbc Holdings PLC increased its holdings in shares of NIO by 651.5% in the second quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company’s stock valued at $8,051,000 after purchasing an additional 1,387,656 shares during the period. Finally, ABC Arbitrage SA acquired a new position in shares of NIO in the first quarter valued at approximately $4,043,000. 48.55% of the stock is owned by hedge funds and other institutional investors.

NIO Company Profile

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.