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

Nio Inc - (NYSE:NIO - Get Free Report)'s stock price gapped down before the market opened on Thursday . The stock had previously closed at $4.22, but opened at $3.90. NIO shares last traded at $3.99, with a volume of 70,831,958 shares traded.

Analyst Ratings Changes

Several brokerages have recently weighed in on NIO. Mizuho reduced their price target on NIO from $5.00 to $4.20 and set a "neutral" rating for the company in a research report on Monday, March 24th. Cfra Research upgraded shares of NIO to a "hold" rating in a research report on Friday, March 21st. Citigroup cut their price target on shares of NIO from $8.90 to $8.10 and set a "buy" rating for the company in a research note on Monday, March 24th. JPMorgan Chase & Co. cut shares of NIO from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $7.00 to $4.70 in a research report on Tuesday, February 4th. Finally, Hsbc Global Res lowered shares of NIO from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $5.00.

NIO Price Performance

The firm's fifty day moving average price is $4.43 and its two-hundred day moving average price is $4.83. The stock has a market capitalization of $7.82 billion, a PE ratio of -2.48 and a beta of 1.81. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98.

NIO (NYSE:NIO - Get Free Report) last issued its quarterly earnings results on Friday, March 21st. The company reported ($0.47) EPS for the quarter, missing analysts' consensus estimates of ($0.33) by ($0.14). NIO had a negative return on equity of 113.83% and a negative net margin of 33.41%. The company had revenue of $2.70 billion during the quarter, compared to analysts' expectations of $20.19 billion. During the same quarter in the previous year, the company earned ($2.81) EPS. The business's quarterly revenue was up 15.2% compared to the same quarter last year. On average, equities analysts predict that Nio Inc - will post -1.43 earnings per share for the current year.

Institutional Trading of NIO

Hedge funds have recently made changes to their positions in the business. FMR LLC grew its position in NIO by 5,388.5% in the 3rd quarter. FMR LLC now owns 5,394,895 shares of the company's stock valued at $36,038,000 after acquiring an additional 5,296,601 shares during the last quarter. Trexquant Investment LP bought a new stake in shares of NIO during the fourth quarter valued at approximately $3,305,000. Point72 Hong Kong Ltd bought a new position in NIO in the third quarter worth approximately $4,879,000. SG Americas Securities LLC increased its holdings in NIO by 104.8% during the 4th quarter. SG Americas Securities LLC now owns 1,151,011 shares of the company's stock worth $5,018,000 after purchasing an additional 589,082 shares during the period. Finally, Quadrature Capital Ltd raised its position in NIO by 32.3% during the 3rd quarter. Quadrature Capital Ltd now owns 2,209,020 shares of the company's stock valued at $14,756,000 after purchasing an additional 538,907 shares in the last quarter. 48.55% of the stock is currently owned by hedge funds and other institutional investors.

NIO Company Profile

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.