Robo.ai (NASDAQ:AIIO) Shares Down 11.1% – Here’s What Happened

Robo.ai Inc. (NASDAQ:AIIO)’s share price was down 11.1% during trading on Monday . The stock traded as low as $3.50 and last traded at $3.51. 500,735 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 6,373,054 shares. The stock had previously closed at $3.95.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on AIIO. Weiss Ratings assumed coverage on Robo.ai in a report on Wednesday, May 13th. They issued a “sell (e+)” rating on the stock. Wall Street Zen downgraded Robo.ai from a “hold” rating to a “sell” rating in a report on Thursday, May 14th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Robo.ai presently has a consensus rating of “Sell”.

Robo.ai Trading Down 11.4%

The stock has a fifty day moving average of $3.40 and a 200 day moving average of $3.12.

Institutional Investors Weigh In On Robo.ai

An institutional investor recently raised its position in Robo.ai stock. Geode Capital Management LLC increased its stake in Robo.ai Inc. (NASDAQ:AIIO) by 16.4% during the second quarter, according to its most recent filing with the SEC. The fund owned 220,348 shares of the company’s stock after buying an additional 31,004 shares during the quarter. Geode Capital Management LLC owned 0.09% of Robo.ai worth $353,000 at the end of the most recent quarter. 0.20% of the stock is currently owned by institutional investors.

About Robo.ai

NWTN Inc operates as a smart passenger vehicle company, provides passenger-centric mobility and green energy solutions in the United States, the United Arab Emirates, and Mainland China. The company develops electric vehicles, including Supersport coupe; and smart passenger vehicles, such as MUSE and ADA. It integrates design, life-style personalization, IoT connectivity, autonomous driving technology, and green energy eco-systems for future mobility solutions. The company also involved in the wholesale and retail of vehicles; and provision of business management, operations, commercialization, as well as design and technology development services.