NIO (NYSE:NIO) Shares Gap Down to $2.52

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Shares of Nio Inc – (NYSE:NIO) gapped down before the market opened on Friday . The stock had previously closed at $2.60, but opened at $2.52. NIO shares last traded at $2.42, with a volume of 26,998,482 shares traded.

A number of research firms have recently weighed in on NIO. Zacks Investment Research downgraded shares of NIO from a “buy” rating to a “sell” rating in a research report on Saturday, June 1st. Bank of America raised shares of NIO from an “underperform” rating to a “neutral” rating and decreased their price target for the stock from $6.80 to $6.20 in a research report on Thursday, April 4th. Finally, Citigroup raised shares of NIO from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $7.20 to $6.80 in a research report on Thursday, April 4th. Three analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. NIO has an average rating of “Hold” and an average price target of $7.27.

The company has a debt-to-equity ratio of 3.73, a current ratio of 1.49 and a quick ratio of 1.34.

NIO (NYSE:NIO) last released its quarterly earnings results on Tuesday, May 28th. The company reported ($2.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by ($1.92). The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.41 billion. NIO’s quarterly revenue was up .0% on a year-over-year basis. Equities research analysts predict that Nio Inc – will post -1.4 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in NIO. Enlightenment Research LLC bought a new position in NIO during the fourth quarter worth $35,000. Essex Investment Management Co. LLC bought a new position in NIO during the fourth quarter worth $251,000. First Trust Advisors LP bought a new position in NIO during the fourth quarter worth $988,000. LPL Financial LLC bought a new position in NIO during the fourth quarter worth $68,000. Finally, Summit Wealth & Retirement Planning Inc. bought a new position in NIO during the fourth quarter worth $660,000. Hedge funds and other institutional investors own 27.21% of the company’s stock.

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About NIO (NYSE:NIO)

NIO Inc designs, manufactures, and sells electric vehicles in the People's Republic of China. The company is also involved in the manufacture of e-powertrain, battery packs, and components; and racing management, technology development, and sales and after-sales management activities. In addition, it offers power solutions for battery charging needs; and other value-added services.

Read More: What is diluted earnings per share (Diluted EPS)?

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