NIO (NYSE:NIO) Stock Price Down 2.3% – Here’s Why

NIO Inc. (NYSE:NIO) dropped 2.3% during trading on Tuesday . The company traded as low as $3.55 and last traded at $3.5850. Approximately 35,897,514 shares traded hands during mid-day trading, a decline of 5% from the average session volume of 37,893,598 shares. The stock had previously closed at $3.67.

Analysts Set New Price Targets

Several analysts recently commented on the company. Bank of America reaffirmed a “neutral” rating and set a $6.80 price objective on shares of NIO in a research note on Thursday, May 21st. Royal Bank Of Canada cut NIO to a “sector perform” rating in a research note on Thursday, September 3rd. Citigroup reaffirmed a “buy” rating on shares of NIO in a research report on Tuesday, September 1st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NIO in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. downgraded shares of NIO from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $7.00 to $4.50 in a report on Wednesday, September 2nd. Six analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.21.

NIO Trading Down 2.3%

The company has a quick ratio of 0.89, a current ratio of 1.02 and a debt-to-equity ratio of 2.11. The stock has a market cap of $8.90 billion, a price-to-earnings ratio of -13.28 and a beta of 0.92. The business’s 50 day simple moving average is $4.50 and its 200 day simple moving average is $5.25.

NIO (NYSE:NIO) last announced its quarterly earnings results on Saturday, August 15th. The company reported $0.00 earnings per share for the quarter. NIO had a negative return on equity of 111.37% and a negative net margin of 3.95%.The firm had revenue of $4.73 billion for the quarter. On average, research analysts expect that NIO Inc. will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On NIO

Large investors have recently made changes to their positions in the company. Bank of America Corp DE increased its position in NIO by 99.0% during the 1st quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock worth $85,800,000 after buying an additional 7,079,903 shares during the period. Hsbc Holdings PLC raised its position in shares of NIO by 651.5% in the 2nd 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. Renaissance Technologies LLC lifted its holdings in shares of NIO by 70.2% during the 1st quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock worth $87,146,000 after acquiring an additional 5,962,731 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of NIO during the 2nd quarter worth approximately $19,008,000. Finally, ABC Arbitrage SA bought a new position in NIO in the first quarter valued at approximately $4,043,000. Institutional investors own 48.55% of the company’s stock.

NIO Company Profile

NIO Inc is a Chinese smart electric vehicle company founded in 2014 and headquartered in Shanghai. The company designs, develops and sells battery-powered passenger vehicles, with a focus on combining electric mobility with digital connectivity, autonomous-driving capabilities and premium user services.

NIO’s vehicle lineup has included electric SUVs, sedans and station wagons marketed under the NIO brand. Its services include battery charging and swapping, mobile charging, battery upgrades, vehicle financing and maintenance support.