NIO (NYSE:NIO) Shares Down 3.2% – Here’s Why
by Scott Moore · The Cerbat GemNIO Inc. (NYSE:NIO – Get Free Report) dropped 3.2% on Monday. The company traded as low as $3.43 and last traded at $3.4650. 26,316,509 shares were traded during trading, a decline of 29% from the average daily volume of 37,149,035 shares. The stock had previously closed at $3.58.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of NIO in a research report on Wednesday, July 29th. JPMorgan Chase & Co. cut shares of NIO from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $7.00 to $4.50 in a research report on Wednesday, September 2nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $6.10 target price on shares of NIO in a research report on Friday, September 4th. Freedom Broker lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, Sanford C. Bernstein dropped their price target on shares of NIO from $6.00 to $5.00 and set a “market perform” rating for the company in a research report on Wednesday, September 2nd. Six research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $5.87.
Check Out Our Latest Stock Report on NIO
NIO Trading Down 4.6%
The company’s 50 day simple moving average is $3.96 and its 200 day simple moving average is $4.98. The company has a debt-to-equity ratio of 2.11, a current ratio of 1.02 and a quick ratio of 0.89. The firm has a market cap of $8.43 billion, a price-to-earnings ratio of -12.57 and a beta of 0.92.
NIO (NYSE:NIO – Get Free Report) last released its earnings results on Saturday, August 15th. The company reported $0.00 EPS for the quarter. NIO had a negative return on equity of 111.37% and a negative net margin of 3.95%. The firm had revenue of $4.73 billion during the quarter. As a group, research analysts expect 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 made changes to their positions in NIO. QRG Capital Management Inc. raised its holdings in NIO by 24.2% in the second quarter. QRG Capital Management Inc. now owns 37,156 shares of the company’s stock valued at $188,000 after acquiring an additional 7,246 shares in the last quarter. Wellington Altus USA Inc. acquired a new position in NIO during the 2nd quarter worth approximately $35,000. Engineers Gate Manager LP grew its holdings in NIO by 2.4% during the 2nd quarter. Engineers Gate Manager LP now owns 152,990 shares of the company’s stock worth $774,000 after acquiring an additional 3,537 shares in the last quarter. NewEdge Advisors LLC grew its holdings in NIO by 2,045.0% during the 2nd quarter. NewEdge Advisors LLC now owns 11,261 shares of the company’s stock worth $57,000 after acquiring an additional 10,736 shares in the last quarter. Finally, Nykredit A S purchased a new stake in shares of NIO in the 2nd quarter valued at approximately $964,000. 48.55% of the stock is owned by institutional investors and hedge funds.
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.