NIO (NYSE:NIO) Stock Price Down 3.6% - Here's What Happened

Nio Inc - (NYSE:NIO - Get Free Report)'s stock price traded down 3.6% during mid-day trading on Wednesday . The company traded as low as $4.57 and last traded at $4.60. 23,313,107 shares were traded during trading, a decline of 59% from the average session volume of 56,980,941 shares. The stock had previously closed at $4.77.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Macquarie cut NIO from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $6.60 to $4.80 in a research note on Wednesday, November 20th. Wolfe Research initiated coverage on shares of NIO in a research note on Thursday, September 5th. They set a "peer perform" rating for the company. Bank of America lifted their price objective on shares of NIO from $5.00 to $5.30 and gave the company a "neutral" rating in a research note on Thursday, September 5th. Citigroup decreased their target price on shares of NIO from $8.50 to $7.00 and set a "buy" rating for the company in a research note on Wednesday, September 4th. Finally, The Goldman Sachs Group cut 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. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $5.71.

NIO Stock Down 1.7 %

The firm has a 50 day moving average of $5.20 and a two-hundred day moving average of $4.84. The stock has a market capitalization of $8.06 billion, a PE ratio of -3.05 and a beta of 1.77. 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

Several large investors have recently modified their holdings of NIO. Cetera Advisors LLC lifted its holdings in NIO by 26.2% in the 1st quarter. Cetera Advisors LLC now owns 33,671 shares of the company's stock valued at $152,000 after purchasing an additional 6,981 shares in the last quarter. CWM LLC grew its holdings in NIO by 16.0% in the 2nd quarter. CWM LLC now owns 24,399 shares of the company's stock valued at $102,000 after buying an additional 3,371 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of NIO by 122.9% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 32,722 shares of the company's stock valued at $136,000 after acquiring an additional 18,039 shares during the last quarter. 180 Wealth Advisors LLC lifted its holdings in shares of NIO by 11.2% during the 2nd quarter. 180 Wealth Advisors LLC now owns 103,306 shares of the company's stock worth $430,000 after acquiring an additional 10,413 shares during the period. Finally, Baader Bank Aktiengesellschaft acquired a new position in shares of NIO in the 2nd quarter valued at $53,000. 48.55% of the stock is currently owned by institutional investors and hedge funds.

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.

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