NIO (NYSE:NIO) Shares Down 2.4% - Should You Sell?

Nio Inc - (NYSE:NIO - Get Free Report) dropped 2.4% on Friday . The stock traded as low as $4.46 and last traded at $4.48. Approximately 12,251,305 shares changed hands during trading, a decline of 78% from the average daily volume of 56,905,000 shares. The stock had previously closed at $4.59.

Analysts Set New Price Targets

NIO has been the subject of a number of recent research reports. JPMorgan Chase & Co. raised shares of NIO from a "neutral" rating to an "overweight" rating and boosted their price objective for the company from $5.30 to $8.00 in a research report on Friday, September 6th. Daiwa America raised NIO to a "strong-buy" rating in a research note on Monday, September 30th. Bank of America lifted their price objective on shares of NIO from $5.00 to $5.30 and gave the company a "neutral" rating in a research report on Thursday, September 5th. Macquarie downgraded shares of NIO from an "outperform" rating to a "neutral" rating and dropped their price objective for the company from $6.60 to $4.80 in a report on Wednesday, November 20th. Finally, Wolfe Research began coverage on NIO in a report on Thursday, September 5th. They set a "peer perform" rating for the company. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $5.71.

NIO Stock Down 2.4 %

The company's fifty day simple moving average is $5.11 and its 200-day simple moving average is $4.84. 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 firm has a market capitalization of $7.70 billion, a PE ratio of -2.97 and a beta of 1.77.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC acquired a new stake in NIO during the 3rd quarter worth about $32,000. Ridgewood Investments LLC acquired a new stake in shares of NIO in the second quarter valued at about $25,000. First Trust Direct Indexing L.P. purchased a new stake in shares of NIO during the third quarter worth about $76,000. Apollon Wealth Management LLC acquired a new position in shares of NIO during the 3rd quarter worth about $78,000. Finally, Sivia Capital Partners LLC purchased a new position in NIO in the 3rd quarter valued at about $92,000. Institutional investors and hedge funds own 48.55% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.