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

Nio Inc - (NYSE:NIO - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $4.63, but opened at $4.49. NIO shares last traded at $4.42, with a volume of 15,991,460 shares trading hands.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NIO. The Goldman Sachs Group downgraded NIO from a "neutral" rating to a "sell" rating and cut their price objective for the company from $4.80 to $3.90 in a research note on Monday, November 25th. 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 research note on Wednesday, November 20th. HSBC downgraded shares of NIO from a "buy" rating to a "hold" rating in a report on Tuesday, January 7th. Hsbc Global Res lowered shares of NIO from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 7th. Finally, JPMorgan Chase & Co. lowered NIO from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $7.00 to $4.70 in a research report on Tuesday, February 4th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $5.38.

NIO Stock Down 2.6 %

The company has a market capitalization of $8.84 billion, a PE ratio of -2.81 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. The stock has a 50-day moving average of $4.34 and a 200 day moving average of $4.80.

Institutional Investors Weigh In On NIO

Institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in NIO in the 3rd quarter worth approximately $32,000. First Trust Direct Indexing L.P. bought a new stake in shares of NIO in the 3rd quarter worth approximately $76,000. US Bancorp DE boosted its holdings in NIO by 51.5% in the third quarter. US Bancorp DE now owns 88,108 shares of the company's stock valued at $589,000 after acquiring an additional 29,936 shares in the last quarter. Van ECK Associates Corp increased its position in shares of NIO by 4.3% during the third quarter. Van ECK Associates Corp now owns 482,918 shares of the company's stock valued at $3,226,000 after buying an additional 19,774 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of NIO by 140.2% in the 3rd quarter. Principal Financial Group Inc. now owns 75,100 shares of the company's stock worth $502,000 after acquiring an additional 43,839 shares in the last quarter. Hedge funds and other institutional investors own 48.55% of the company's stock.

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.