NIO (NYSE:NIO) Stock Price Down 3.6% – Here’s Why

Nio Inc – (NYSE:NIO)’s share price fell 3.6% during trading on Wednesday . The stock traded as low as $4.57 and last traded at $4.60. 23,313,107 shares were traded during trading, a decline of 59% from the average session volume of 56,980,941 shares. The stock had previously closed at $4.77.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Bank of America boosted their target price on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Citigroup cut their target price on shares of NIO from $8.50 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. Macquarie downgraded NIO from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $6.60 to $4.80 in a research report on Wednesday, November 20th. The Goldman Sachs Group cut NIO from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $4.80 to $3.90 in a research report on Monday, November 25th. Finally, Wolfe Research assumed coverage on NIO in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NIO currently has an average rating of “Hold” and an average target price of $5.71.

NIO Price Performance

The company’s 50-day simple moving average is $5.11 and its 200-day simple moving average is $4.84. The stock has a market capitalization of $7.75 billion, a P/E ratio of -2.97 and a beta of 1.77. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.04 and a quick ratio of 0.93.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Ballentine Partners LLC increased its holdings in shares of NIO by 11.5% in the third quarter. Ballentine Partners LLC now owns 24,020 shares of the company’s stock valued at $160,000 after purchasing an additional 2,482 shares during the last quarter. Atomi Financial Group Inc. boosted its holdings in shares of NIO by 15.5% during the third quarter. Atomi Financial Group Inc. now owns 19,327 shares of the company’s stock worth $129,000 after acquiring an additional 2,588 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its holdings in NIO by 22.0% during the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,693 shares of the company’s stock worth $61,000 after purchasing an additional 2,651 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in NIO by 4.8% in the 2nd quarter. Assenagon Asset Management S.A. now owns 63,093 shares of the company’s stock valued at $262,000 after purchasing an additional 2,915 shares during the period. Finally, Greenwich Wealth Management LLC increased its position in NIO by 12.9% during the 2nd quarter. Greenwich Wealth Management LLC now owns 29,027 shares of the company’s stock worth $121,000 after buying an additional 3,315 shares during the period. 48.55% of the stock is currently owned by institutional investors.

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.