NIO (NYSE:NIO) Stock Falls 1.9% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on NIO shares. The Goldman Sachs Group restated a “buy” rating and set a $6.10 target price on shares of NIO in a report on Friday, September 4th. Zacks Research cut shares of NIO from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Freedom Broker downgraded shares of NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. lowered shares of NIO from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $7.00 to $4.50 in a report on Wednesday, September 2nd. Finally, Sanford C. Bernstein cut their target price on shares of NIO from $6.00 to $5.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 2nd. Six investment 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. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $5.87.

NIO Price Performance

The stock has a market cap of $8.18 billion, a P/E ratio of -12.20 and a beta of 0.92. The firm has a 50-day moving average price of $3.77 and a 200-day moving average price of $4.85. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.89 and a current ratio of 1.02.

NIO (NYSE:NIO) last released its quarterly earnings results on Saturday, August 15th. The company reported $0.00 earnings per share for the quarter. The company 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%. On average, analysts forecast that NIO Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Trading of NIO

Hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC lifted 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 valued at $87,146,000 after purchasing an additional 5,962,731 shares during the last quarter. Bank of America Corp DE boosted its position 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 worth $85,800,000 after purchasing an additional 7,079,903 shares in the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of NIO in the 2nd quarter worth approximately $19,008,000. Hsbc Holdings PLC grew its stake in shares of 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 buying an additional 1,387,656 shares during the last quarter. Finally, ABC Arbitrage SA purchased a new stake in shares of NIO in the 1st quarter worth approximately $4,043,000. 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.