NIO (NYSE:NIO) Stock Price Down 3.8% – What’s Next?

Shares of NIO Inc. (NYSE:NIO) were down 3.8% during trading on Thursday. The stock traded as low as $3.36 and last traded at $3.4050. Approximately 38,621,353 shares were traded during mid-day trading, an increase of 4% from the average session volume of 37,163,672 shares. The stock had previously closed at $3.54.

Analysts Set New Price Targets

NIO has been the topic of several recent research reports. Citigroup reaffirmed a “buy” rating on shares of NIO in a report on Tuesday, September 1st. Freedom Broker lowered NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Weiss Ratings restated a “sell (e+)” rating on shares of NIO in a report on Wednesday, July 29th. Sanford C. Bernstein dropped their price objective on NIO from $6.00 to $5.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 2nd. Finally, Royal Bank Of Canada downgraded shares of NIO to a “sector perform” rating in a research report on Thursday, September 3rd. 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 company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $5.87.

NIO Stock Performance

The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of -12.61 and a beta of 0.92. The company has a current ratio of 1.02, a quick ratio of 0.89 and a debt-to-equity ratio of 2.11. The firm has a 50-day moving average of $4.07 and a 200-day moving average of $5.04.

NIO (NYSE:NIO) last posted its earnings results on Saturday, August 15th. The company reported $0.00 earnings per share (EPS) for the quarter. NIO had a negative net margin of 3.95% and a negative return on equity of 111.37%. The company had revenue of $4.73 billion during the quarter. As a group, sell-side analysts predict that NIO Inc. will post -0.13 earnings per share for the current year.

Institutional Investors Weigh In On NIO

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC grew its stake in NIO by 70.2% during the 1st quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock valued at $87,146,000 after acquiring an additional 5,962,731 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of NIO by 99.0% in the 1st quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock valued at $85,800,000 after purchasing an additional 7,079,903 shares during the last quarter. SG Americas Securities LLC lifted its position in NIO by 67.2% in the first quarter. SG Americas Securities LLC now owns 5,027,161 shares of the company’s stock valued at $30,314,000 after buying an additional 2,020,754 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of NIO during the 2nd quarter worth approximately $19,008,000. Finally, Hsbc Holdings PLC grew its stake in shares of NIO by 651.5% in the second quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company’s stock valued at $8,051,000 after buying an additional 1,387,656 shares in the last quarter. 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.