NIO (NYSE:NIO) Hits New 52-Week Low – Here’s What Happened

NIO Inc. (NYSE:NIO)’s share price hit a new 52-week low during mid-day trading on Monday. The stock traded as low as $3.37 and last traded at $3.4150, with a volume of 1070809 shares trading hands. The stock had previously closed at $3.37.

Analyst Ratings Changes

A number of brokerages have recently commented on NIO. Royal Bank Of Canada lowered shares of NIO to a “sector perform” rating in a report on Thursday, September 3rd. Zacks Research downgraded shares of NIO from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 2nd. Freedom Broker lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of NIO in a research report on Wednesday, July 29th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $6.10 target price on shares of NIO in a research note on Friday, September 4th. Six equities 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. According to MarketBeat.com, NIO currently has an average rating of “Hold” and a consensus price target of $5.87.

NIO Stock Up 1.9%

The company has a market cap of $8.65 billion, a P/E ratio of -12.91 and a beta of 0.92. The stock has a 50-day moving average of $4.09 and a two-hundred day moving average of $5.06. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.89 and a current ratio of 1.02.

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

Hedge Funds Weigh In On NIO

Institutional investors and hedge funds have recently made changes to their positions in the business. Renaissance Technologies LLC lifted its stake in NIO by 70.2% in the first quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock worth $87,146,000 after purchasing an additional 5,962,731 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of NIO by 99.0% in the first quarter. Bank of America Corp DE now owns 14,228,916 shares of the company’s stock worth $85,800,000 after buying an additional 7,079,903 shares during the period. SG Americas Securities LLC increased its holdings in shares of NIO by 67.2% in the first quarter. SG Americas Securities LLC now owns 5,027,161 shares of the company’s stock worth $30,314,000 after buying an additional 2,020,754 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of NIO in the second quarter worth about $19,008,000. Finally, Hsbc Holdings PLC lifted its stake in shares of NIO by 651.5% in the 2nd quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company’s stock valued at $8,051,000 after acquiring an additional 1,387,656 shares during the last quarter. Institutional investors own 48.55% of the company’s stock.

NIO Company Profile

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.