NIO (NYSE:NIO) Shares Down 1.3% – Here’s What Happened

NIO Inc. (NYSE:NIO)’s stock price fell 1.3% on Wednesday . The stock traded as low as $4.37 and last traded at $4.39. 17,911,803 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 37,220,613 shares. The stock had previously closed at $4.45.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on NIO. Sanford C. Bernstein restated a “market perform” rating and set a $6.00 target price on shares of NIO in a research report on Friday, May 22nd. Zacks Research upgraded shares of NIO from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 27th. The Goldman Sachs Group upgraded shares of NIO from a “neutral” rating to a “buy” rating and set a $7.00 price target on the stock in a research report on Monday, July 13th. Bank of America reiterated a “neutral” rating and set a $6.80 price target on shares of NIO in a research note on Thursday, May 21st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of NIO in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $6.57.

NIO Price Performance

The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 1.94. The stock has a market cap of $10.81 billion, a P/E ratio of -7.92 and a beta of 0.91. The firm has a 50 day moving average price of $4.75 and a 200 day moving average price of $5.35.

Hedge Funds Weigh In On NIO

Several large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its stake in shares of NIO by 99.0% during the 1st quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock valued at $85,800,000 after buying an additional 7,079,903 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in NIO by 70.2% in the 1st quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock worth $87,146,000 after buying an additional 5,962,731 shares during the period. Assenagon Asset Management S.A. purchased a new stake in NIO in the 2nd quarter worth $19,008,000. ABC Arbitrage SA purchased a new stake in NIO in the 1st quarter worth $4,043,000. Finally, Hsbc Holdings PLC raised its holdings in NIO by 48.8% during the fourth quarter. Hsbc Holdings PLC now owns 680,382 shares of the company’s stock valued at $3,445,000 after acquiring an additional 223,178 shares during the period. Hedge funds and other institutional investors own 48.55% of the company’s stock.

About NIO

NIO Inc is a pioneer in the premium electric vehicle (EV) segment, dedicated to the design, development and manufacture of smart, high-performance EVs. Established in November 2014 and headquartered in Shanghai, China, the company focuses on integrating cutting-edge electric propulsion, advanced connectivity and autonomous driving technologies into its automotive platforms. NIO’s vision centers on creating a holistic user experience that extends beyond the vehicle itself, encompassing energy services and digital solutions.

The company’s product lineup includes flagship SUVs and sedans such as the ES8, ES6, EC6, ET7 and ET5, each engineered to deliver strong performance, long range and a suite of intelligent driver-assistance features.