NIO (NYSE:NIO) Trading Down 4.7% – Here’s What Happened

Nio Inc – (NYSE:NIO)’s stock price dropped 4.7% during trading on Friday . The company traded as low as $5.02 and last traded at $5.06. Approximately 25,011,838 shares changed hands during mid-day trading, a decline of 56% from the average daily volume of 56,538,484 shares. The stock had previously closed at $5.31.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NIO. Citigroup cut their price objective on shares of NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Wolfe Research started coverage on shares of NIO in a report on Thursday, September 5th. They set a “peer perform” rating on the stock. Macquarie upgraded shares of NIO from a “neutral” rating to an “outperform” rating and set a $6.60 price objective for the company in a report on Monday, October 28th. JPMorgan Chase & Co. upgraded NIO from a “neutral” rating to an “overweight” rating and raised their target price for the company from $5.30 to $8.00 in a report on Friday, September 6th. Finally, Daiwa America upgraded NIO to a “strong-buy” rating in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $6.11.

NIO Stock Performance

The stock has a market cap of $8.75 billion, a P/E ratio of -3.35 and a beta of 1.91. The firm has a 50 day moving average of $5.55 and a two-hundred day moving average of $4.92. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.11.

NIO (NYSE:NIO) last posted its quarterly earnings data on Thursday, September 5th. The company reported ($2.21) earnings per share for the quarter, meeting the consensus estimate of ($2.21). NIO had a negative return on equity of 104.61% and a negative net margin of 32.47%. The company had revenue of $17.45 billion during the quarter, compared to analysts’ expectations of $17.49 billion. During the same period in the prior year, the business earned ($0.51) earnings per share. NIO’s revenue for the quarter was up 98.9% compared to the same quarter last year. On average, research analysts predict that Nio Inc – will post -1.37 EPS for the current fiscal year.

Institutional Trading of NIO

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Ridgewood Investments LLC bought a new stake in shares of NIO in the second quarter valued at about $25,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of NIO during the 3rd quarter worth approximately $32,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of NIO during the 2nd quarter worth approximately $53,000. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of NIO by 22.0% during the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,693 shares of the company’s stock valued at $61,000 after purchasing an additional 2,651 shares during the period. Finally, Caprock Group LLC acquired a new position in shares of NIO in the second quarter valued at $63,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.