NIO (NYSE:NIO) Shares Down 4.6% – Here’s What Happened

NIO Inc. (NYSE:NIO) shares were down 4.6% during trading on Wednesday. The stock traded as low as $3.38 and last traded at $3.3950. 35,479,754 shares traded hands during mid-day trading, a decline of 4% from the average daily volume of 37,132,805 shares. The stock had previously closed at $3.56.

Analyst Ratings Changes

NIO has been the topic of several analyst reports. The Goldman Sachs Group reissued a “buy” rating and issued a $6.10 target price on shares of NIO in a research report on Friday, September 4th. Freedom Broker downgraded shares of NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Sanford C. Bernstein reduced their price target on shares of NIO from $6.00 to $5.00 and set a “market perform” rating for the company 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 research note on Wednesday, September 2nd. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NIO in a research note on Wednesday, July 29th. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.87.

NIO Stock Performance

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 $8.43 billion, a price-to-earnings ratio of -12.57 and a beta of 0.92. The firm’s fifty day moving average is $3.96 and its 200 day moving average is $4.98.

NIO (NYSE:NIO) last announced its quarterly earnings data on Saturday, August 15th. The company reported $0.00 EPS for the quarter. The firm had revenue of $4.73 billion for the quarter. NIO had a negative net margin of 3.95% and a negative return on equity of 111.37%. On average, analysts predict that NIO Inc. will post -0.13 EPS for the current fiscal year.

Institutional Investors Weigh In On NIO

A number of institutional investors have recently modified their holdings of NIO. Persistent Asset Partners Ltd acquired a new stake in shares of NIO during the 2nd quarter valued at about $34,000. Global Retirement Partners LLC bought a new stake in shares of NIO in the 2nd quarter valued at approximately $34,000. Wellington Altus USA Inc. acquired a new position in NIO in the second quarter worth approximately $35,000. Merkkuri Wealth Advisors LLC acquired a new position in NIO in the first quarter worth approximately $41,000. Finally, MV Capital Management Inc. acquired a new position in NIO in the fourth quarter worth approximately $42,000. Institutional investors and hedge funds own 48.55% of the company’s stock.

About NIO

NIO Inc is a Chinese technology and electric vehicle company headquartered in Shanghai. Founded in 2014, the company designs, develops and sells smart electric vehicles, including SUVs, sedans and other passenger vehicles. Its product portfolio has included models such as the ES6, ES7, ES8, ET5, ET5T and ET7, with model names varying by market.

In addition to vehicle sales, NIO provides related services and technologies, including battery-swapping stations, charging services, mobile charging, digital connectivity and driver-assistance features.