NIO (NYSE:NIO) Shares Down 3.4% – Here’s What Happened

Nio Inc – (NYSE:NIO) shares dropped 3.4% on Thursday . The company traded as low as $4.16 and last traded at $4.14. Approximately 7,480,180 shares traded hands during trading, a decline of 82% from the average daily volume of 40,742,898 shares. The stock had previously closed at $4.28.

Wall Street Analyst Weigh In

NIO has been the topic of several recent analyst reports. Macquarie lowered shares of NIO from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $6.60 to $4.80 in a research note on Wednesday, November 20th. The Goldman Sachs Group lowered shares of NIO from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $4.80 to $3.90 in a research report on Monday, November 25th. Daiwa America raised NIO to a “strong-buy” rating in a research report on Monday, September 30th. HSBC cut NIO from a “buy” rating to a “hold” rating in a report on Tuesday, January 7th. Finally, Hsbc Global Res lowered NIO from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, NIO has an average rating of “Hold” and an average target price of $5.71.

NIO Trading Up 3.5 %

The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98. The firm has a 50-day moving average of $4.48 and a two-hundred day moving average of $4.78. The firm has a market capitalization of $7.36 billion, a P/E ratio of -2.83 and a beta of 1.70.

Institutional Investors Weigh In On NIO

A number of hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. lifted its stake in NIO by 138.5% in the 4th quarter. Blue Trust Inc. now owns 6,212 shares of the company’s stock valued at $27,000 after purchasing an additional 3,607 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in NIO during the 3rd quarter worth $32,000. U.S. Capital Wealth Advisors LLC acquired a new position in NIO in the 4th quarter worth about $53,000. Perigon Wealth Management LLC raised its position in NIO by 24.1% in the fourth quarter. Perigon Wealth Management LLC now owns 14,769 shares of the company’s stock valued at $61,000 after purchasing an additional 2,867 shares during the last quarter. Finally, AE Wealth Management LLC acquired a new stake in shares of NIO during the second quarter valued at about $75,000. 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.