NIO (NYSE:NIO) Stock Falls 3.8% – Here’s What Happened

NIO Inc. (NYSE:NIO)’s share price fell 3.8% during trading on Friday. The company traded as low as $3.16 and last traded at $3.1950. 33,876,152 shares were traded during trading, a decline of 7% from the average daily volume of 36,514,160 shares. The stock had previously closed at $3.32.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Weiss Ratings restated a “sell (e+)” rating on shares of NIO in a research note on Tuesday. Citigroup reiterated a “buy” rating on shares of NIO in a research note on Tuesday, September 1st. Sanford C. Bernstein decreased their target price on NIO from $6.00 to $5.00 and set a “market perform” rating on the stock in a report on Wednesday, September 2nd. Zacks Research cut NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, Royal Bank Of Canada downgraded NIO to a “sector perform” rating in a report on Thursday, September 3rd. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $5.78.

NIO Trading Down 3.8%

The business has a 50-day moving average price of $3.68 and a two-hundred day moving average price of $4.90. The company has a current ratio of 1.02, a quick ratio of 0.89 and a debt-to-equity ratio of 2.11. The stock has a market capitalization of $7.93 billion, a P/E ratio of -11.83 and a beta of 0.92.

NIO (NYSE:NIO) last issued its quarterly earnings results on Saturday, August 15th. The company reported $0.00 earnings per share (EPS) for the quarter. The company had revenue of $4.73 billion for the quarter. NIO had a negative return on equity of 111.37% and a negative net margin of 3.95%. On average, analysts expect that NIO Inc. will post -0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On NIO

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of NIO in the third quarter valued at $388,000. Profund Advisors LLC boosted its position in NIO by 2.7% in the third quarter. Profund Advisors LLC now owns 214,985 shares of the company’s stock worth $737,000 after purchasing an additional 5,557 shares during the last quarter. Vise Technologies Inc. increased its holdings in NIO by 26.3% during the third quarter. Vise Technologies Inc. now owns 95,108 shares of the company’s stock worth $326,000 after buying an additional 19,797 shares during the last quarter. Apollon Wealth Management LLC purchased a new position in NIO in the third quarter valued at approximately $57,000. Finally, Nadler Financial Group Inc. bought a new stake in NIO in the 3rd quarter valued at about $35,000. Institutional investors own 48.55% of the company’s stock.

About NIO

NIO Inc is a Chinese smart electric vehicle manufacturer founded in 2014 and headquartered in Shanghai. The company develops, manufactures and sells premium battery-powered passenger vehicles, including sedans, SUVs and coupés. Its vehicle lineup has included models such as the ET7, ET5, ES6, EL6, EL7 and EC6, along with newer vehicles introduced under the NIO and ONVO brands.

In addition to vehicle sales, NIO provides related services and technologies designed to support electric vehicle ownership.