NIO (NYSE:NIO) Stock Price Down 2.9% - Here's What Happened

Nio Inc - (NYSE:NIO - Get Free Report) shares traded down 2.9% on Monday . The stock traded as low as $4.11 and last traded at $4.20. 17,874,218 shares traded hands during trading, a decline of 56% from the average session volume of 40,601,543 shares. The stock had previously closed at $4.32.

Analysts Set New Price Targets

Several brokerages have recently issued reports on NIO. The Goldman Sachs Group lowered shares of NIO from a "neutral" rating to a "sell" rating and decreased their price target for the stock from $4.80 to $3.90 in a research note on Monday, November 25th. Hsbc Global Res cut NIO from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 7th. Macquarie lowered shares of NIO from an "outperform" rating to a "neutral" rating and reduced their price target for the company from $6.60 to $4.80 in a research report on Wednesday, November 20th. HSBC downgraded shares of NIO from a "buy" rating to a "hold" rating in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. lowered NIO from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $7.00 to $4.70 in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $5.38.

NIO Stock Performance

The company has a market cap of $9.15 billion, a PE ratio of -2.90 and a beta of 1.69. The business has a fifty day moving average of $4.43 and a 200-day moving average of $4.76. The company has a current ratio of 1.04, a quick ratio of 0.93 and a debt-to-equity ratio of 0.98.

Institutional Trading of NIO

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new position in shares of NIO during the 3rd quarter worth approximately $32,000. Blue Trust Inc. grew its holdings in shares of NIO by 138.5% during the fourth quarter. Blue Trust Inc. now owns 6,212 shares of the company's stock valued at $27,000 after buying an additional 3,607 shares during the last quarter. Trilogy Capital Inc. bought a new stake in shares of NIO in the 4th quarter worth $45,000. First Trust Direct Indexing L.P. purchased a new position in NIO in the 3rd quarter worth about $76,000. Finally, Apollon Wealth Management LLC purchased a new position in shares of NIO during the third quarter valued at approximately $78,000. 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.