NIO Inc. (NYSE:NIO – Get Free Report) shares dropped 4.8% on Friday. The company traded as low as $2.89 and last traded at $2.9050. Approximately 60,170,915 shares were traded during trading, an increase of 64% from the average session volume of 36,778,977 shares. The stock had previously closed at $3.05.
Wall Street Analyst Weigh In
NIO has been the topic of several analyst reports. Royal Bank Of Canada cut shares of NIO to a “sector perform” rating in a report on Thursday, September 3rd. Freedom Broker lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. JPMorgan Chase & Co. dropped their target price on shares of NIO from $4.50 to $3.70 and set a “neutral” rating on the stock in a research report on Monday, October 26th. Zacks Research downgraded NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Finally, Sanford C. Bernstein cut their target price 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. Six investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, NIO has a consensus rating of “Hold” and a consensus price target of $5.78.
Get Our Latest Research Report on NIO
NIO Trading Down 4.8%
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 stock has a market capitalization of $7.21 billion, a PE ratio of -10.76 and a beta of 0.89. The stock’s 50 day simple moving average is $3.46 and its two-hundred day simple moving average is $4.82.
NIO (NYSE:NIO – Get Free Report) last posted its quarterly earnings results on Saturday, August 15th. The company reported $0.00 EPS for the quarter. The company 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, sell-side analysts expect that NIO Inc. will post -0.13 EPS for the current year.
Institutional Trading of NIO
A number of large investors have recently bought and sold shares of NIO. Renaissance Technologies LLC increased its position 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 buying an additional 5,962,731 shares during the last quarter. Bank of America Corp DE raised its stake 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 valued at $85,800,000 after buying an additional 7,079,903 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of NIO during the 2nd quarter valued at $19,008,000. Hsbc Holdings PLC grew its stake 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 worth $8,051,000 after acquiring an additional 1,387,656 shares during the period. Finally, KBC Group NV increased its holdings in NIO by 39.7% in the 1st quarter. KBC Group NV now owns 583,722 shares of the company’s stock worth $3,520,000 after acquiring an additional 165,741 shares during the last quarter. 48.55% of the stock is owned by hedge funds and other institutional investors.
About NIO
NIO Inc. is a China-based electric vehicle company founded in 2014. The company designs, develops, and sells premium smart electric vehicles, including sedans and sport utility vehicles, primarily under the NIO brand. Alongside its vehicles, NIO offers battery-swapping and charging services, vehicle software and connectivity features, and related ownership services. Its battery-as-a-service offering allows customers to separate battery use from vehicle purchase. NIO serves customers in China and selected European markets.
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