NIO (NYSE:NIO) Stock Price Down 1.7% – Here’s What Happened

Shares of Nio Inc – (NYSE:NIO) traded down 1.7% on Thursday . The company traded as low as $4.48 and last traded at $4.53. 16,480,717 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 56,566,891 shares. The stock had previously closed at $4.61.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NIO. JPMorgan Chase & Co. raised shares of NIO from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $5.30 to $8.00 in a report on Friday, September 6th. Macquarie raised shares of NIO from a “neutral” rating to an “outperform” rating and set a $6.60 target price on the stock in a research note on Monday, October 28th. Bank of America upped their price target on NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a research report on Thursday, September 5th. Wolfe Research initiated coverage on NIO in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. Finally, Daiwa America upgraded NIO to a “strong-buy” rating in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $6.11.

NIO Stock Down 2.8 %

The company has a debt-to-equity ratio of 0.71, a current ratio of 1.11 and a quick ratio of 1.01. The business has a 50 day simple moving average of $5.59 and a 200 day simple moving average of $4.93. The company has a market capitalization of $7.70 billion, a price-to-earnings ratio of -2.95 and a beta of 1.91.

NIO (NYSE:NIO) last posted its earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($2.21). The firm had revenue of $17.45 billion for the quarter, compared to analyst estimates of $17.49 billion. NIO had a negative return on equity of 104.61% and a negative net margin of 32.47%. NIO’s revenue was up 98.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.51) EPS. As a group, equities analysts predict that Nio Inc – will post -1.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NIO

Several institutional investors have recently modified their holdings of NIO. FMR LLC increased its stake in shares of NIO by 5,388.5% during the third quarter. FMR LLC now owns 5,394,895 shares of the company’s stock worth $36,038,000 after buying an additional 5,296,601 shares during the period. DRW Securities LLC acquired a new position in NIO during the 3rd quarter worth approximately $140,000. Advisors Asset Management Inc. increased its position in shares of NIO by 71.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 82,179 shares of the company’s stock valued at $549,000 after purchasing an additional 34,299 shares during the last quarter. Avior Wealth Management LLC raised its holdings in shares of NIO by 106.1% in the 3rd quarter. Avior Wealth Management LLC now owns 14,588 shares of the company’s stock valued at $97,000 after purchasing an additional 7,510 shares in the last quarter. Finally, West Family Investments Inc. acquired a new stake in shares of NIO in the 3rd quarter valued at $138,000. Institutional investors and hedge funds own 48.55% of the company’s stock.

About 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.