NIO (NYSE:NIO) Shares Down 1.1% – Here’s Why

Nio Inc – (NYSE:NIO)’s share price was down 1.1% during mid-day trading on Wednesday . The stock traded as low as $4.48 and last traded at $4.49. Approximately 8,973,994 shares changed hands during trading, a decline of 84% from the average daily volume of 56,630,281 shares. The stock had previously closed at $4.54.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on NIO shares. Wolfe Research started coverage on shares of NIO in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. upgraded NIO from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $5.30 to $8.00 in a report on Friday, September 6th. Macquarie lowered NIO from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $6.60 to $4.80 in a research report on Wednesday, November 20th. The Goldman Sachs Group downgraded NIO from a “neutral” rating to a “sell” rating and lowered their price target for the company from $4.80 to $3.90 in a report on Monday, November 25th. Finally, Citigroup cut their price objective on shares of NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $5.71.

NIO Trading Down 3.7 %

The business’s 50-day moving average price is $5.02 and its 200-day moving average price is $4.83. The firm has a market capitalization of $7.51 billion, a PE ratio of -2.89 and a beta of 1.77. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.04 and a quick ratio of 0.93.

Hedge Funds Weigh In On NIO

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Assenagon Asset Management S.A. lifted its position in NIO by 4.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 63,093 shares of the company’s stock worth $262,000 after acquiring an additional 2,915 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of NIO by 32.1% during the second quarter. Bank of New York Mellon Corp now owns 1,416,709 shares of the company’s stock worth $5,894,000 after purchasing an additional 343,910 shares during the period. Atomi Financial Group Inc. purchased a new position in NIO in the 2nd quarter valued at $70,000. Arkadios Wealth Advisors acquired a new position in NIO in the 2nd quarter valued at $160,000. Finally, Ridgewood Investments LLC acquired a new position in NIO in the 2nd quarter valued at $25,000. 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.