NIO (NYSE:NIO) Shares Down 2.3% – Here’s What Happened

NIO Inc. (NYSE:NIO)’s stock price dropped 2.3% during mid-day trading on Tuesday . The company traded as low as $4.86 and last traded at $4.8850. Approximately 24,521,547 shares were traded during trading, a decline of 58% from the average daily volume of 58,048,559 shares. The stock had previously closed at $5.00.

Wall Street Analysts Forecast Growth

NIO has been the subject of a number of research analyst reports. Wall Street Zen raised NIO from a “strong sell” rating to a “hold” rating in a report on Monday, September 8th. UBS Group lowered NIO from a “buy” rating to a “hold” rating in a report on Tuesday, November 25th. Bank of America boosted their price target on shares of NIO from $5.00 to $7.10 and gave the stock a “neutral” rating in a research report on Wednesday, September 3rd. Macquarie set a $5.30 price objective on shares of NIO in a research note on Tuesday, November 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of NIO in a research note on Monday. Three analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, NIO currently has a consensus rating of “Hold” and an average target price of $6.73.

NIO Stock Performance

The company has a debt-to-equity ratio of 2.36, a quick ratio of 0.83 and a current ratio of 0.94. The company has a market capitalization of $10.22 billion, a price-to-earnings ratio of -3.38 and a beta of 1.04. The firm has a 50-day simple moving average of $5.96 and a two-hundred day simple moving average of $5.53.

Institutional Trading of NIO

A number of hedge funds and other institutional investors have recently bought and sold shares of NIO. Aspex Management HK Ltd acquired a new position in shares of NIO in the 3rd quarter valued at $266,700,000. WT Asset Management Ltd purchased a new position in shares of NIO during the third quarter worth about $142,120,000. Ghisallo Capital Management LLC acquired a new stake in shares of NIO during the third quarter worth about $91,440,000. Voloridge Investment Management LLC purchased a new stake in shares of NIO in the 3rd quarter valued at about $89,952,000. Finally, RWC Asset Advisors US LLC acquired a new stake in shares of NIO in the 3rd quarter valued at about $79,761,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.