NIO (NYSE:NIO) Trading Down 2.5% - Here's What Happened

Nio Inc - (NYSE:NIO - Get Free Report)'s share price dropped 2.5% on Tuesday . The stock traded as low as $4.55 and last traded at $4.59. Approximately 16,923,074 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 41,548,195 shares. The stock had previously closed at $4.71.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on NIO. Macquarie lowered NIO from an "outperform" rating to a "neutral" rating and decreased their target price for the company from $6.60 to $4.80 in a report on Wednesday, November 20th. Daiwa America upgraded shares of NIO to a "strong-buy" rating in a research report on Monday, September 30th. HSBC lowered NIO from a "buy" rating to a "hold" rating in a report on Tuesday. Finally, The Goldman Sachs Group downgraded shares of NIO from a "neutral" rating to a "sell" rating and reduced their price objective for the company from $4.80 to $3.90 in a research report on Monday, November 25th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $5.71.

NIO Trading Down 3.8 %

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 business's 50 day moving average is $4.69 and its two-hundred day moving average is $4.81. The firm has a market capitalization of $7.79 billion, a P/E ratio of -3.00 and a beta of 1.70.

Hedge Funds Weigh In On NIO

Several large investors have recently made changes to their positions in NIO. Point72 Asset Management L.P. raised its position in shares of NIO by 164.3% during the 2nd quarter. Point72 Asset Management L.P. now owns 6,464,246 shares of the company's stock valued at $26,891,000 after acquiring an additional 4,018,659 shares during the last quarter. FMR LLC grew its stake in NIO by 5,388.5% during the third quarter. FMR LLC now owns 5,394,895 shares of the company's stock worth $36,038,000 after buying an additional 5,296,601 shares in the last quarter. Quadrature Capital Ltd increased its stake in NIO by 32.3% in the third quarter. Quadrature Capital Ltd now owns 2,209,020 shares of the company's stock valued at $14,756,000 after acquiring an additional 538,907 shares during the last quarter. Krane Funds Advisors LLC raised its holdings in shares of NIO by 31.7% during the 2nd quarter. Krane Funds Advisors LLC now owns 1,538,781 shares of the company's stock worth $6,401,000 after buying an additional 370,556 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of NIO by 32.1% in the second quarter. Bank of New York Mellon Corp now owns 1,416,709 shares of the company's stock worth $5,894,000 after acquiring an additional 343,910 shares during the last quarter. Institutional investors and hedge funds 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.