NIO (NYSE:NIO) Trading Down 2.1% – Here’s What Happened

NIO Inc. (NYSE:NIO) shares traded down 2.1% on Wednesday . The company traded as low as $5.82 and last traded at $5.8350. 26,459,758 shares traded hands during mid-day trading, a decline of 43% from the average session volume of 46,708,563 shares. The stock had previously closed at $5.96.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of NIO in a research report on Monday, December 29th. Citigroup cut their price objective on NIO from $8.60 to $6.90 and set a “buy” rating for the company in a report on Wednesday, November 26th. Dbs Bank raised NIO from a “hold” rating to a “moderate buy” rating in a research note on Monday. Macquarie Infrastructure raised NIO from a “neutral” rating to an “outperform” rating and set a $6.10 target price on the stock in a report on Thursday, January 15th. Finally, UBS Group cut shares of NIO from a “buy” rating to a “hold” rating in a research report on Tuesday, November 25th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.80.

NIO Stock Down 2.1%

The company has a debt-to-equity ratio of 2.08, a current ratio of 0.98 and a quick ratio of 0.87. The stock has a market capitalization of $13.41 billion, a P/E ratio of -6.02 and a beta of 1.11. The stock’s fifty day moving average is $4.92 and its two-hundred day moving average is $5.77.

Hedge Funds Weigh In On NIO

A number of hedge funds have recently modified their holdings of the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of NIO by 3,966.7% during the first 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 during the last quarter. Savant Capital LLC purchased a new position in NIO in the 2nd quarter worth about $75,000. PNC Financial Services Group Inc. raised its holdings in NIO by 56.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 28,299 shares of the company’s stock worth $97,000 after buying an additional 10,210 shares during the period. Main Management ETF Advisors LLC raised its holdings in NIO by 1.7% during the 2nd quarter. Main Management ETF Advisors LLC now owns 222,057 shares of the company’s stock worth $762,000 after buying an additional 3,612 shares during the period. Finally, Handelsbanken Fonder AB lifted its stake in NIO by 5.0% during the second quarter. Handelsbanken Fonder AB now owns 762,362 shares of the company’s stock valued at $2,615,000 after buying an additional 36,348 shares in the last quarter. 48.55% of the stock is currently owned by institutional investors and hedge funds.

About NIO

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.