NIO (NYSE:NIO) Shares Down 4.2% – What’s Next?

Nio Inc – (NYSE:NIO)’s stock price was down 4.2% during trading on Thursday . The company traded as low as $4.26 and last traded at $4.32. Approximately 49,283,995 shares traded hands during trading, a decline of 6% from the average daily volume of 52,629,699 shares. The stock had previously closed at $4.51.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on NIO shares. HSBC cut shares of NIO from a “buy” rating to a “hold” rating in a report on Tuesday. The Goldman Sachs Group cut shares of NIO from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $4.80 to $3.90 in a report on Monday, November 25th. Hsbc Global Res cut shares of NIO from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Macquarie cut shares of NIO from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $6.60 to $4.80 in a report on Wednesday, November 20th. Finally, Daiwa America upgraded shares of NIO to a “strong-buy” rating in a report on Monday, September 30th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $5.71.

NIO Stock Down 4.2 %

The company has a market capitalization of $7.43 billion, a PE ratio of -2.86 and a beta of 1.70. The company’s 50 day moving average is $4.67 and its two-hundred day moving average is $4.81. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98.

Hedge Funds Weigh In On NIO

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC bought a new position in shares of NIO during the 2nd quarter worth approximately $1,076,000. International Assets Investment Management LLC boosted its holdings in shares of NIO by 580.9% in the 3rd quarter. International Assets Investment Management LLC now owns 392,343 shares of the company’s stock valued at $2,621,000 after acquiring an additional 334,723 shares during the last quarter. Toronto Dominion Bank boosted its holdings in shares of NIO by 1,652,962.5% in the 3rd quarter. Toronto Dominion Bank now owns 132,245 shares of the company’s stock valued at $883,000 after acquiring an additional 132,237 shares during the last quarter. FMR LLC boosted its holdings in shares of NIO by 5,388.5% in the 3rd quarter. FMR LLC now owns 5,394,895 shares of the company’s stock valued at $36,038,000 after acquiring an additional 5,296,601 shares during the last quarter. Finally, Main Management ETF Advisors LLC purchased a new stake in shares of NIO in the 3rd quarter valued at $1,327,000. 48.55% of the stock is owned by hedge funds and other institutional investors.

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.