NIO (NYSE:NIO) Stock Price Down 3.4% – Here’s What Happened

Nio Inc – (NYSE:NIO) shares were down 3.4% during trading on Thursday . The stock traded as low as $4.16 and last traded at $4.14. Approximately 7,480,180 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 40,742,898 shares. The stock had previously closed at $4.28.

Wall Street Analyst Weigh In

NIO has been the topic of several research analyst reports. Macquarie cut shares of NIO from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $6.60 to $4.80 in a research note on Wednesday, November 20th. Daiwa America upgraded NIO to a “strong-buy” rating in a report on Monday, September 30th. The Goldman Sachs Group lowered NIO from a “neutral” rating to a “sell” rating and dropped their target price for the company from $4.80 to $3.90 in a research report on Monday, November 25th. Hsbc Global Res lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Finally, HSBC lowered NIO from a “buy” rating to a “hold” rating in a research note on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NIO presently has a consensus rating of “Hold” and an average target price of $5.71.

NIO Stock Performance

The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $7.19 billion, a price-to-earnings ratio of -2.73 and a beta of 1.70. The stock’s 50-day moving average is $4.49 and its 200-day moving average is $4.78.

Institutional Investors Weigh In On NIO

Several hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new position in shares of NIO in the 3rd quarter worth about $32,000. Blue Trust Inc. increased its position in shares of NIO by 138.5% during the fourth quarter. Blue Trust Inc. now owns 6,212 shares of the company’s stock worth $27,000 after acquiring an additional 3,607 shares in the last quarter. First Trust Direct Indexing L.P. bought a new stake in shares of NIO during the third quarter worth about $76,000. Apollon Wealth Management LLC bought a new stake in NIO in the 3rd quarter worth about $78,000. Finally, Sivia Capital Partners LLC purchased a new stake in shares of NIO during the third quarter valued at approximately $92,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.