NIO (NYSE:NIO) Stock Price Down 1.5% – Here’s What Happened

NIO Inc. (NYSE:NIO)’s share price dropped 1.5% on Wednesday . The stock traded as low as $3.66 and last traded at $3.6650. 23,105,886 shares were traded during mid-day trading, a decline of 38% from the average session volume of 37,514,445 shares. The stock had previously closed at $3.72.

Wall Street Analyst Weigh In

NIO has been the subject of a number of recent research reports. Sanford C. Bernstein lowered their price objective on NIO from $6.00 to $5.00 and set a “market perform” rating for the company in a research note on Wednesday, September 2nd. Royal Bank Of Canada cut NIO to a “sector perform” rating in a research note on Thursday, September 3rd. Weiss Ratings restated a “sell (e+)” rating on shares of NIO in a report on Wednesday, July 29th. Freedom Broker lowered NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $6.10 price target on shares of NIO in a research note on Friday, September 4th. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, NIO presently has a consensus rating of “Hold” and an average price target of $5.87.

NIO Trading Down 1.5%

The stock has a 50-day simple moving average of $4.35 and a two-hundred day simple moving average of $5.20. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.89 and a current ratio of 1.02. The firm has a market cap of $9.10 billion, a PE ratio of -13.57 and a beta of 0.92.

NIO (NYSE:NIO) last announced its quarterly 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 firm had revenue of $4.73 billion for the quarter. As a group, sell-side analysts anticipate that NIO Inc. will post -0.13 EPS for the current year.

Institutional Investors Weigh In On NIO

A number of large investors have recently added to or reduced their stakes in NIO. Bank of America Corp DE grew its holdings in shares of NIO by 99.0% in the first quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock worth $85,800,000 after acquiring an additional 7,079,903 shares during the period. Renaissance Technologies LLC increased its position in NIO by 70.2% during the first 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 during the last quarter. Assenagon Asset Management S.A. bought a new position in NIO in the second quarter valued at about $19,008,000. SG Americas Securities LLC lifted its holdings 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 acquiring an additional 2,020,754 shares during the period. Finally, Hsbc Holdings PLC boosted its position in NIO by 651.5% in the second quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company’s stock worth $8,051,000 after purchasing an additional 1,387,656 shares during the last quarter. 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.