NIO (NYSE:NIO) Shares Down 3.8% – Here’s What Happened

Nio Inc – (NYSE:NIO)’s share price dropped 3.8% on Wednesday . The stock traded as low as $4.26 and last traded at $4.34. Approximately 22,872,255 shares changed hands during trading, a decline of 51% from the average daily volume of 47,111,617 shares. The stock had previously closed at $4.51.

Analyst Ratings Changes

A number of research analysts have commented on the stock. HSBC cut shares of NIO from a “buy” rating to a “hold” rating in a research note on Tuesday. Daiwa America raised NIO to a “strong-buy” rating in a research note on Monday, September 30th. Macquarie lowered NIO from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $6.60 to $4.80 in a research note on Wednesday, November 20th. Finally, The Goldman Sachs Group downgraded shares of NIO from a “neutral” rating to a “sell” rating and reduced their target price for the company from $4.80 to $3.90 in a research note on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, NIO presently has an average rating of “Hold” and a consensus target price of $5.71.

NIO Trading Down 4.0 %

The company has a debt-to-equity ratio of 0.98, a current ratio of 1.04 and a quick ratio of 0.93. The business’s 50-day moving average is $4.67 and its two-hundred day moving average is $4.81. The firm has a market cap of $7.44 billion, a P/E ratio of -2.87 and a beta of 1.70.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of NIO in the third quarter valued at approximately $32,000. First Trust Direct Indexing L.P. bought a new stake in NIO during the 3rd quarter worth approximately $76,000. Apollon Wealth Management LLC bought a new stake in shares of NIO in the 3rd quarter valued at about $78,000. Sivia Capital Partners LLC acquired a new stake in NIO during the 3rd quarter valued at approximately $92,000. Finally, Avior Wealth Management LLC raised its stake in NIO by 106.1% during the third quarter. Avior Wealth Management LLC now owns 14,588 shares of the company’s stock worth $97,000 after buying an additional 7,510 shares during the last quarter. 48.55% of the stock is owned by institutional investors and hedge funds.

About NIO

NIO Inc designs, manufactures, and sells electric vehicles in the People's Republic of China. The company is also involved in the manufacture of e-powertrain, battery packs, and components; and racing management, technology development, and sales and after-sales management activities. In addition, it offers power solutions for battery charging needs; and other value-added services.