NIO (NYSE:NIO) Stock Price Down 1% – Time to Sell?

NIO Inc. (NYSE:NIO)’s share price dropped 1% during trading on Monday. The company traded as low as $3.36 and last traded at $3.3950. Approximately 22,503,899 shares changed hands during trading, a decline of 39% from the average daily volume of 37,016,707 shares. The stock had previously closed at $3.43.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Royal Bank Of Canada cut NIO to a “sector perform” rating in a research note on Thursday, September 3rd. Freedom Broker lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Citigroup restated a “buy” rating on shares of NIO in a report on Tuesday, September 1st. JPMorgan Chase & Co. downgraded shares of NIO from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $7.00 to $4.50 in a report on Wednesday, September 2nd. Finally, Zacks Research lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Six 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. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $5.87.

NIO Price Performance

The company has a current ratio of 1.02, a quick ratio of 0.89 and a debt-to-equity ratio of 2.11. The business has a 50-day moving average price of $3.89 and a 200 day moving average price of $4.94. The stock has a market cap of $8.43 billion, a PE ratio of -12.57 and a beta of 0.92.

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

Hedge Funds Weigh In On NIO

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NIO. TD Waterhouse Canada Inc. increased its stake in shares of NIO by 62.4% in the third quarter. TD Waterhouse Canada Inc. now owns 45,764 shares of the company’s stock worth $156,000 after purchasing an additional 17,592 shares in the last quarter. Annex Advisory Services LLC bought a new stake in shares of NIO in the third quarter valued at approximately $40,000. QRG Capital Management Inc. lifted its stake in shares of NIO by 24.2% during the 2nd quarter. QRG Capital Management Inc. now owns 37,156 shares of the company’s stock valued at $188,000 after buying an additional 7,246 shares in the last quarter. Wellington Altus USA Inc. purchased a new stake in shares of NIO during the 2nd quarter valued at approximately $35,000. Finally, Engineers Gate Manager LP lifted its stake in shares of NIO by 2.4% during the 2nd 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 in the last quarter. Institutional investors own 48.55% of the company’s stock.

NIO Company Profile

NIO Inc is a Chinese smart electric vehicle manufacturer founded in 2014 and headquartered in Shanghai. The company develops, manufactures and sells premium battery-powered passenger vehicles, including sedans, SUVs and coupés. Its vehicle lineup has included models such as the ET7, ET5, ES6, EL6, EL7 and EC6, along with newer vehicles introduced under the NIO and ONVO brands.

In addition to vehicle sales, NIO provides related services and technologies designed to support electric vehicle ownership.