NIO (NYSE:NIO) Shares Down 3% – Here’s What Happened

Nio Inc – (NYSE:NIO) shares fell 3% on Friday . The stock traded as low as $4.48 and last traded at $4.55. 15,859,336 shares were traded during trading, a decline of 72% from the average session volume of 56,105,125 shares. The stock had previously closed at $4.69.

Analysts Set New Price Targets

NIO has been the topic of a number of recent analyst reports. Macquarie downgraded shares of NIO from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $6.60 to $4.80 in a report on Wednesday, November 20th. Bank of America increased their target price on shares of NIO from $5.00 to $5.30 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Citigroup reduced their price target 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. JPMorgan Chase & Co. upgraded NIO from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $5.30 to $8.00 in a research report on Friday, September 6th. Finally, The Goldman Sachs Group cut NIO from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $4.80 to $3.90 in a research report on Monday, November 25th. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $5.71.

NIO Stock Performance

The firm has a market cap of $7.70 billion, a PE ratio of -2.97 and a beta of 1.77. The company has a 50 day simple moving average of $4.79 and a 200-day simple moving average of $4.80. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.04 and a quick ratio of 0.93.

Hedge Funds Weigh In On NIO

A number of large investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC bought a new position in shares of NIO during the third quarter valued at about $32,000. Caprock Group LLC bought a new position in NIO during the 2nd quarter worth approximately $63,000. AE Wealth Management LLC purchased a new position in NIO in the 2nd quarter worth approximately $75,000. First Trust Direct Indexing L.P. bought a new stake in NIO in the third quarter valued at approximately $76,000. Finally, Apollon Wealth Management LLC purchased a new stake in shares of NIO during the third quarter valued at approximately $78,000. Hedge funds and other institutional investors own 48.55% of the company’s stock.

NIO Company Profile

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.