NIO (NYSE:NIO) Stock Price Down 3.8% – Should You Sell?

Shares of NIO Inc. (NYSE:NIO) traded down 3.8% during mid-day trading on Friday. The stock traded as low as $3.16 and last traded at $3.1950. 33,876,152 shares were traded during trading, a decline of 7% from the average daily volume of 36,514,160 shares. The stock had previously closed at $3.32.

Wall Street Analyst Weigh In

NIO has been the subject of several research analyst reports. Zacks Research lowered NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. JPMorgan Chase & Co. lowered their target price on shares of NIO from $4.50 to $3.70 and set a “neutral” rating on the stock in a report on Monday, October 26th. Sanford C. Bernstein dropped their price objective on NIO from $6.00 to $5.00 and set a “market perform” rating on the stock in a research note on Wednesday, September 2nd. Freedom Broker downgraded NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, Citigroup restated a “buy” rating on shares of NIO in a research report on Tuesday, September 1st. Six research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, NIO currently has an average rating of “Hold” and a consensus target price of $5.78.

NIO Stock Down 3.8%

The company has a market capitalization of $7.93 billion, a PE ratio of -11.83 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 stock’s 50 day moving average is $3.65 and its 200 day moving average is $4.89.

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

Hedge Funds Weigh In On NIO

A number of large investors have recently made changes to their positions in the stock. Renaissance Technologies LLC increased its holdings 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 during the period. Bank of America Corp DE boosted its holdings in NIO by 99.0% in 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 purchasing an additional 7,079,903 shares during the period. Assenagon Asset Management S.A. bought a new position in NIO in the 2nd quarter valued at $19,008,000. Hsbc Holdings PLC grew its position in shares of NIO by 651.5% during the 2nd quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company’s stock valued at $8,051,000 after purchasing an additional 1,387,656 shares in the last quarter. Finally, ABC Arbitrage SA purchased a new position in shares of NIO during the 1st quarter valued at $4,043,000. 48.55% of the stock is owned by institutional investors.

About NIO

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.