NIO (NYSE:NIO) Shares Down 2.2% – What’s Next?

Shares of NIO Inc. (NYSE:NIO) were down 2.2% on Wednesday . The company traded as low as $4.64 and last traded at $4.6550. 25,544,567 shares traded hands during trading, a decline of 33% from the average session volume of 38,077,707 shares. The stock had previously closed at $4.76.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Bank of America reiterated a “neutral” rating and issued a $6.80 target price on shares of NIO in a report on Thursday, May 21st. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $6.00 price objective on shares of NIO in a research report on Friday, May 22nd. Zacks Research upgraded shares of NIO from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Weiss Ratings reissued a “sell (e+)” rating on shares of NIO in a research report on Wednesday, July 29th. Finally, The Goldman Sachs Group upgraded shares of NIO from a “neutral” rating to a “buy” rating and set a $7.00 target price for the company in a research note on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, NIO has a consensus rating of “Moderate Buy” and a consensus price target of $6.70.

NIO Stock Performance

The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 1.94. The company has a market capitalization of $11.56 billion, a PE ratio of -8.46 and a beta of 0.91. The business has a 50 day simple moving average of $5.05 and a 200 day simple moving average of $5.36.

Hedge Funds Weigh In On NIO

Several hedge funds and other institutional investors have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in NIO by 3,966.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,316,291 shares of the company’s stock valued at $20,255,000 after purchasing an additional 5,185,565 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of NIO by 50.9% during the second quarter. Franklin Resources Inc. now owns 17,707 shares of the company’s stock valued at $61,000 after buying an additional 5,974 shares during the last quarter. Invesco Ltd. grew its holdings in shares of NIO by 22.7% during the second quarter. Invesco Ltd. now owns 2,738,308 shares of the company’s stock valued at $9,392,000 after buying an additional 506,618 shares during the last quarter. First Trust Advisors LP increased its position in shares of NIO by 67.4% in the 2nd quarter. First Trust Advisors LP now owns 73,280 shares of the company’s stock valued at $251,000 after acquiring an additional 29,501 shares during the period. Finally, AXA S.A. purchased a new position in NIO in the 2nd quarter worth $64,000. 48.55% of the stock is owned by hedge funds and other institutional investors.

NIO Company Profile

NIO Inc is a pioneer in the premium electric vehicle (EV) segment, dedicated to the design, development and manufacture of smart, high-performance EVs. Established in November 2014 and headquartered in Shanghai, China, the company focuses on integrating cutting-edge electric propulsion, advanced connectivity and autonomous driving technologies into its automotive platforms. NIO’s vision centers on creating a holistic user experience that extends beyond the vehicle itself, encompassing energy services and digital solutions.

The company’s product lineup includes flagship SUVs and sedans such as the ES8, ES6, EC6, ET7 and ET5, each engineered to deliver strong performance, long range and a suite of intelligent driver-assistance features.