NIO (NYSE:NIO) Stock Falls 3.7% – Here’s What Happened

NIO Inc. (NYSE:NIO)’s share price dropped 3.7% during mid-day trading on Tuesday. The stock traded as low as $3.23 and last traded at $3.2850. Approximately 37,292,630 shares traded hands during trading, an increase of 2% from the average daily volume of 36,578,160 shares. The stock had previously closed at $3.41.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on NIO. Zacks Research cut NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Royal Bank Of Canada lowered shares of NIO to a “sector perform” rating in a research note on Thursday, September 3rd. Citigroup reiterated a “buy” rating on shares of NIO in a report on Tuesday, September 1st. Sanford C. Bernstein dropped their price target on shares of NIO from $6.00 to $5.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 2nd. Finally, The Goldman Sachs Group restated a “buy” rating and set a $6.10 price target on shares of NIO in a report on Friday, September 4th. Six 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’s stock. According to data from MarketBeat, NIO has a consensus rating of “Hold” and an average target price of $5.78.

NIO Trading Down 3.7%

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 $8.16 billion, a P/E ratio of -12.17 and a beta of 0.89. The firm has a fifty day simple moving average of $3.51 and a two-hundred day simple moving average of $4.85.

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

Hedge Funds Weigh In On NIO

Several hedge funds have recently made changes to their positions in NIO. 180 Wealth Advisors LLC raised its stake in NIO by 4.4% during the third quarter. 180 Wealth Advisors LLC now owns 81,171 shares of the company’s stock valued at $278,000 after buying an additional 3,387 shares during the last quarter. Engineers Gate Manager LP boosted its position in NIO by 2.4% in the second quarter. Engineers Gate Manager LP now owns 152,990 shares of the company’s stock worth $774,000 after purchasing an additional 3,537 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of NIO by 0.8% in the second quarter. Van ECK Associates Corp now owns 492,784 shares of the company’s stock worth $2,493,000 after buying an additional 4,002 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of NIO by 120.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 8,015 shares of the company’s stock worth $48,000 after acquiring an additional 4,383 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC grew its holdings in NIO by 17.5% during the second quarter. Focus Partners Advisor Solutions LLC now owns 29,605 shares of the company’s stock valued at $150,000 after purchasing an additional 4,406 shares during the period. 48.55% of the stock is owned by hedge funds and other institutional investors.

NIO Company Profile

NIO Inc. is a China-based electric vehicle company founded in 2014. The company designs, develops, and sells premium smart electric vehicles, including sedans and sport utility vehicles, primarily under the NIO brand. Alongside its vehicles, NIO offers battery-swapping and charging services, vehicle software and connectivity features, and related ownership services. Its battery-as-a-service offering allows customers to separate battery use from vehicle purchase. NIO serves customers in China and selected European markets.