NIO (NYSE:NIO) Shares Down 8.1% – Here’s Why

Nio Inc – (NYSE:NIO)’s share price was down 8.1% during mid-day trading on Tuesday . The stock traded as low as $4.61 and last traded at $4.65. 36,956,379 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 56,575,121 shares. The stock had previously closed at $5.06.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wolfe Research started coverage on NIO in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Citigroup cut their target price on NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. JPMorgan Chase & Co. raised NIO from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $5.30 to $8.00 in a report on Friday, September 6th. Macquarie raised NIO from a “neutral” rating to an “outperform” rating and set a $6.60 price target for the company in a research report on Monday, October 28th. Finally, Daiwa America raised shares of NIO to a “strong-buy” rating in a report on Monday, September 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $6.11.

NIO Trading Down 9.4 %

The firm has a 50-day moving average price of $5.57 and a 200-day moving average price of $4.93. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $7.88 billion, a PE ratio of -3.06 and a beta of 1.91.

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

Hedge Funds Weigh In On NIO

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new position in shares of NIO in the third quarter valued at $32,000. Ridgewood Investments LLC purchased a new position in NIO during the second quarter valued at approximately $25,000. First Trust Direct Indexing L.P. bought a new position in shares of NIO in the third quarter worth $76,000. Apollon Wealth Management LLC purchased a new stake in shares of NIO in the 3rd quarter valued at about $78,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in NIO in the second quarter valued at approximately $53,000. Institutional investors own 48.55% of the company’s stock.

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.