NIO (NYSE:NIO) Stock Price Down 6.2% – Here’s Why

NIO Inc. (NYSE:NIO) dropped 6.2% during trading on Thursday. The stock traded as low as $3.02 and last traded at $3.04. 55,345,182 shares changed hands during mid-day trading, an increase of 51% from the average session volume of 36,667,762 shares. The stock had previously closed at $3.24.

Wall Street Analysts Forecast Growth

NIO has been the subject of a number of research reports. Weiss Ratings restated a “sell (e+)” rating on shares of NIO in a report on Tuesday, October 27th. Freedom Broker lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. The Goldman Sachs Group reissued a “buy” rating and issued a $6.10 price target on shares of NIO in a research report on Friday, September 4th. Citigroup restated a “buy” rating on shares of NIO in a research note on Tuesday, September 1st. Finally, JPMorgan Chase & Co. cut their price objective on NIO from $4.50 to $3.70 and set a “neutral” rating on the stock in a research report on Monday, October 26th. Six equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.78.

NIO Stock Down 6.2%

The firm has a market cap of $7.55 billion, a PE ratio of -11.26 and a beta of 0.89. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.89 and a current ratio of 1.02. The firm’s 50-day moving average price is $3.48 and its two-hundred day moving average price is $4.83.

NIO (NYSE:NIO) last issued its quarterly earnings data 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%. As a group, equities research analysts expect that NIO Inc. will post -0.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Strengthening Families & Communities LLC grew its holdings in shares of NIO by 143.5% during the third quarter. Strengthening Families & Communities LLC now owns 8,171 shares of the company’s stock worth $28,000 after buying an additional 4,815 shares during the last quarter. Persistent Asset Partners Ltd purchased a new stake in NIO during the 2nd quarter valued at approximately $34,000. Global Retirement Partners LLC purchased a new stake in NIO during the 2nd quarter valued at approximately $34,000. Wellington Altus USA Inc. purchased a new stake in NIO during the 2nd quarter valued at approximately $35,000. Finally, Nadler Financial Group Inc. acquired a new stake in NIO during the 3rd quarter worth approximately $35,000. 48.55% of the stock is owned by hedge funds and other institutional investors.

About NIO

NIO Inc. is a China-based electric vehicle company founded in 2014. The company designs, develops, and sells premium smart electric vehicles, including sedans and sport utility vehicles, primarily under the NIO brand. Alongside its vehicles, NIO offers battery-swapping and charging services, vehicle software and connectivity features, and related ownership services. Its battery-as-a-service offering allows customers to separate battery use from vehicle purchase. NIO serves customers in China and selected European markets.