NIO (NYSE:NIO) Stock Price Down 1.6% – Here’s What Happened

NIO Inc. (NYSE:NIO)’s share price fell 1.6% during trading on Tuesday . The stock traded as low as $4.48 and last traded at $4.5250. 17,906,912 shares traded hands during trading, a decline of 52% from the average daily volume of 37,429,922 shares. The stock had previously closed at $4.60.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NIO. The Goldman Sachs Group upgraded shares of NIO from a “neutral” rating to a “buy” rating and set a $7.00 price target for the company in a research note on Monday, July 13th. Weiss Ratings reissued a “sell (e+)” rating on shares of NIO in a research report on Wednesday, July 29th. Zacks Research upgraded NIO from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. Bank of America restated a “neutral” rating and set a $6.80 price target on shares of NIO in a report on Thursday, May 21st. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $6.00 price objective on shares of NIO in a research report on Friday, May 22nd. One 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 given a Sell rating to the stock. According to MarketBeat.com, NIO currently has an average rating of “Moderate Buy” and a consensus price target of $6.70.

NIO Trading Down 1.6%

The stock has a fifty day simple moving average of $4.86 and a 200 day simple moving average of $5.36. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.90 and a current ratio of 1.01. The firm has a market cap of $11.24 billion, a P/E ratio of -8.23 and a beta of 0.91.

Hedge Funds Weigh In On NIO

Hedge funds have recently bought and sold shares of the business. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted 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 acquiring an additional 5,185,565 shares during the period. Franklin Resources Inc. grew its stake in shares of NIO by 50.9% in the second quarter. Franklin Resources Inc. now owns 17,707 shares of the company’s stock worth $61,000 after acquiring an additional 5,974 shares during the period. Invesco Ltd. grew its stake in shares of NIO by 22.7% in the second quarter. Invesco Ltd. now owns 2,738,308 shares of the company’s stock worth $9,392,000 after acquiring an additional 506,618 shares during the period. First Trust Advisors LP raised its holdings in shares of NIO by 67.4% during the second quarter. First Trust Advisors LP now owns 73,280 shares of the company’s stock valued at $251,000 after purchasing an additional 29,501 shares during the last quarter. Finally, AXA S.A. bought a new position in NIO during the second quarter valued at approximately $64,000. Hedge funds and other institutional investors own 48.55% of the company’s stock.

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.