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 Tuesday . The stock had previously closed at $5.18, but opened at $4.95. NIO shares last traded at $4.93, with a volume of 14,847,018 shares.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NIO. Citigroup decreased their price objective on NIO from $8.50 to $7.00 and set a "buy" rating for the company in a report on Wednesday, September 4th. The Goldman Sachs Group cut NIO from a "neutral" rating to a "sell" rating and dropped their target price for the company from $4.80 to $3.90 in a research report on Monday, November 25th. Daiwa America upgraded NIO to a "strong-buy" rating in a research report on Monday, September 30th. Wolfe Research began coverage on shares of NIO in a research note on Thursday, September 5th. They issued a "peer perform" rating on the stock. Finally, JPMorgan Chase & Co. raised shares of NIO from a "neutral" rating to an "overweight" rating and raised their price target for the company from $5.30 to $8.00 in a research note on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $5.71.

NIO Trading Down 7.8 %

The stock has a market cap of $8.21 billion, a PE ratio of -3.16 and a beta of 1.77. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.93 and a current ratio of 1.04. The company's 50-day moving average price is $5.20 and its 200 day moving average price is $4.84.

Institutional Trading of NIO

Institutional investors have recently made changes to their positions in the company. Ballentine Partners LLC increased its holdings in NIO by 11.5% in the 3rd quarter. Ballentine Partners LLC now owns 24,020 shares of the company's stock valued at $160,000 after purchasing an additional 2,482 shares during the last quarter. Atomi Financial Group Inc. grew its stake in shares of NIO by 15.5% in the third quarter. Atomi Financial Group Inc. now owns 19,327 shares of the company's stock worth $129,000 after acquiring an additional 2,588 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its stake in shares of NIO by 22.0% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 14,693 shares of the company's stock worth $61,000 after acquiring an additional 2,651 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of NIO by 4.8% in the second quarter. Assenagon Asset Management S.A. now owns 63,093 shares of the company's stock worth $262,000 after acquiring an additional 2,915 shares in the last quarter. Finally, Greenwich Wealth Management LLC grew its stake in shares of NIO by 12.9% in the second quarter. Greenwich Wealth Management LLC now owns 29,027 shares of the company's stock worth $121,000 after acquiring an additional 3,315 shares in the last quarter. Hedge funds and other institutional investors 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.