NIO (NYSE:NIO) Trading Down 4.3% – Here’s Why

NIO Inc. (NYSE:NIO)’s share price was down 4.3% on Tuesday . The company traded as low as $4.51 and last traded at $4.6150. Approximately 45,256,280 shares were traded during mid-day trading, an increase of 19% from the average daily volume of 37,889,098 shares. The stock had previously closed at $4.82.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NIO. Zacks Research upgraded NIO from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 27th. The Goldman Sachs Group raised NIO from a “neutral” rating to a “buy” rating and set a $7.00 price objective on the stock in a research note on Monday, July 13th. Weiss Ratings reiterated a “sell (e+)” rating on shares of NIO in a report on Wednesday, July 29th. Bank of America reissued a “neutral” rating and set a $6.80 target price on shares of NIO in a research report on Thursday, May 21st. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $6.00 price target on shares of NIO in a report on Friday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $6.70.

NIO Price Performance

The company’s fifty day moving average is $4.97 and its two-hundred day moving average is $5.36. The company has a debt-to-equity ratio of 1.94, a quick ratio of 0.90 and a current ratio of 1.01. The firm has a market cap of $11.46 billion, a price-to-earnings ratio of -8.39 and a beta of 0.91.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NIO. Voloridge Investment Management LLC acquired a new stake in shares of NIO in the third quarter valued at about $89,952,000. Bank of America Corp DE raised its holdings 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 during the period. Renaissance Technologies LLC lifted its position in NIO by 70.2% during the 1st quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock worth $87,146,000 after acquiring an additional 5,962,731 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in NIO by 3,966.7% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,316,291 shares of the company’s stock worth $20,255,000 after acquiring an additional 5,185,565 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in NIO in the 2nd quarter worth approximately $19,008,000. Institutional investors and hedge funds own 48.55% of the company’s stock.

NIO Company Profile

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.