NIO (NYSE:NIO) Trading Down 2.9% – Here’s What Happened

Shares of Nio Inc – (NYSE:NIO) dropped 2.9% on Wednesday . The company traded as low as $5.98 and last traded at $6.06. Approximately 29,727,033 shares were traded during trading, a decline of 47% from the average daily volume of 56,493,004 shares. The stock had previously closed at $6.24.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upgraded shares of NIO from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $5.30 to $8.00 in a report on Friday, September 6th. Daiwa America raised NIO to a “strong-buy” rating in a research note on Monday, September 30th. Wolfe Research assumed coverage on NIO in a report on Thursday, September 5th. They set a “peer perform” rating for the company. Citigroup lowered their target price on shares of NIO from $8.50 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, September 4th. Finally, Bank of America raised their price target on shares of NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $5.93.

NIO Price Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a market capitalization of $10.90 billion, a PE ratio of -3.59 and a beta of 1.86. The stock has a fifty day moving average price of $4.87 and a 200-day moving average price of $4.75.

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

Institutional Trading of NIO

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Oppenheimer & Co. Inc. raised its stake in NIO by 2.5% in the first quarter. Oppenheimer & Co. Inc. now owns 82,353 shares of the company’s stock valued at $371,000 after buying an additional 2,000 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in NIO by 13.9% in the 1st quarter. Westwood Holdings Group Inc. now owns 16,649 shares of the company’s stock worth $75,000 after purchasing an additional 2,038 shares in the last quarter. Atomi Financial Group Inc. grew its position in NIO by 15.5% during the 3rd quarter. Atomi Financial Group Inc. now owns 19,327 shares of the company’s stock worth $129,000 after purchasing an additional 2,588 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. increased its stake in NIO by 22.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,693 shares of the company’s stock valued at $61,000 after purchasing an additional 2,651 shares in the last quarter. Finally, Cantor Fitzgerald L. P. raised its holdings in shares of NIO by 23.0% in the fourth quarter. Cantor Fitzgerald L. P. now owns 14,548 shares of the company’s stock worth $132,000 after buying an additional 2,719 shares during the last quarter. Hedge funds and other institutional investors own 48.55% of the company’s stock.

NIO Company Profile

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.