NIO (NYSE:NIO) Shares Down 2.4% – Here’s Why

NIO Inc. (NYSE:NIO) shares fell 2.4% on Friday. The company traded as low as $3.37 and last traded at $3.4150. 26,243,492 shares were traded during mid-day trading, a decline of 29% from the average session volume of 37,084,180 shares. The stock had previously closed at $3.50.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NIO. Zacks Research cut shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Royal Bank Of Canada lowered shares of NIO to a “sector perform” rating in a report on Thursday, September 3rd. Weiss Ratings reiterated a “sell (e+)” rating on shares of NIO in a research report on Wednesday, July 29th. Freedom Broker downgraded shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $6.10 price target on shares of NIO in a research note on Friday, September 4th. Six research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $5.87.

NIO Stock Down 2.4%

The firm has a market cap of $8.48 billion, a PE ratio of -12.65 and a beta of 0.92. 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 company’s 50-day simple moving average is $3.89 and its two-hundred day simple moving average is $4.94.

NIO (NYSE:NIO) last announced its quarterly earnings results on Saturday, August 15th. The company reported $0.00 earnings per share (EPS) for the quarter. NIO had a negative net margin of 3.95% and a negative return on equity of 111.37%. The business had revenue of $4.73 billion for the quarter. On average, analysts predict that NIO Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. TD Waterhouse Canada Inc. lifted its holdings in NIO by 62.4% in the 3rd quarter. TD Waterhouse Canada Inc. now owns 45,764 shares of the company’s stock worth $156,000 after buying an additional 17,592 shares during the period. Annex Advisory Services LLC bought a new stake in shares of NIO in the 3rd quarter worth approximately $40,000. QRG Capital Management Inc. grew its position in shares of NIO by 24.2% in the 2nd quarter. QRG Capital Management Inc. now owns 37,156 shares of the company’s stock worth $188,000 after buying an additional 7,246 shares during the last quarter. Wellington Altus USA Inc. purchased a new position in shares of NIO during the second quarter valued at approximately $35,000. Finally, Engineers Gate Manager LP increased its stake in shares of NIO by 2.4% during the second quarter. Engineers Gate Manager LP now owns 152,990 shares of the company’s stock valued at $774,000 after buying an additional 3,537 shares during the period. Hedge funds and other institutional investors own 48.55% of the company’s stock.

About NIO

NIO Inc is a Chinese technology and electric vehicle company headquartered in Shanghai. Founded in 2014, the company designs, develops and sells smart electric vehicles, including SUVs, sedans and other passenger vehicles. Its product portfolio has included models such as the ES6, ES7, ES8, ET5, ET5T and ET7, with model names varying by market.

In addition to vehicle sales, NIO provides related services and technologies, including battery-swapping stations, charging services, mobile charging, digital connectivity and driver-assistance features.