NIO (NYSE:NIO) Shares Gap Down - Here's What Happened

Nio Inc - (NYSE:NIO - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $5.22, but opened at $5.05. NIO shares last traded at $5.25, with a volume of 21,408,858 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Macquarie lowered NIO from an "outperform" rating to a "neutral" rating and cut their target price for the company from $6.60 to $4.80 in a report on Wednesday, November 20th. JPMorgan Chase & Co. downgraded NIO from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $7.00 to $4.70 in a research note on Tuesday, February 4th. HSBC cut NIO from a "buy" rating to a "hold" rating in a research report on Tuesday, January 7th. The Goldman Sachs Group lowered shares of NIO from a "neutral" rating to a "sell" rating and dropped their price target for the company from $4.80 to $3.90 in a research report on Monday, November 25th. Finally, Hsbc Global Res downgraded shares of NIO from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $5.30.

NIO Stock Performance

The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98. The firm's fifty day moving average price is $4.35 and its 200-day moving average price is $4.82. The company has a market cap of $10.74 billion, a P/E ratio of -3.41 and a beta of 1.81.

Hedge Funds Weigh In On NIO

Large investors have recently added to or reduced their stakes in the company. Shufro Rose & Co. LLC bought a new stake in shares of NIO during the fourth quarter valued at approximately $65,000. Vident Advisory LLC increased its holdings in NIO by 60.6% in the 4th quarter. Vident Advisory LLC now owns 53,937 shares of the company's stock valued at $235,000 after buying an additional 20,349 shares during the period. Vienna Asset Management LLC acquired a new position in shares of NIO in the 4th quarter valued at $100,000. Laird Norton Wetherby Trust Company LLC acquired a new position in shares of NIO in the 4th quarter valued at $93,000. Finally, Laird Norton Wetherby Wealth Management LLC boosted its position in shares of NIO by 15.1% during the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 66,534 shares of the company's stock valued at $290,000 after acquiring an additional 8,746 shares in the last quarter. 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.

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