NIO (NYSE:NIO) Trading Down 3.6% – What’s Next?

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

Analyst Ratings Changes

NIO has been the subject of several recent research reports. Wolfe Research started coverage on NIO in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Bank of America boosted their price target on NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Daiwa America raised NIO to a “strong-buy” rating in a research note on Monday, September 30th. The Goldman Sachs Group cut shares of NIO from a “neutral” rating to a “sell” rating and lowered their price objective for the stock from $4.80 to $3.90 in a research report on Monday, November 25th. Finally, JPMorgan Chase & Co. upgraded shares of 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 research report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $5.71.

NIO Stock Performance

The company has a 50-day moving average of $5.11 and a 200-day moving average of $4.84. 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 market capitalization of $7.75 billion, a P/E ratio of -2.97 and a beta of 1.77.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NIO. Ridgewood Investments LLC bought a new stake in NIO during the second quarter valued at $25,000. Allspring Global Investments Holdings LLC acquired a new stake in NIO during the third quarter worth approximately $32,000. Harel Insurance Investments & Financial Services Ltd. increased its holdings in NIO by 22.0% in the second 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 in the last quarter. Caprock Group LLC acquired a new position in NIO in the second quarter valued at approximately $63,000. Finally, Atomi Financial Group Inc. bought a new position in shares of NIO during the 2nd quarter worth approximately $70,000. 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.