NIO (NYSE:NIO) Shares Down 3.8% - Here's What Happened

Shares of Nio Inc - (NYSE:NIO - Get Free Report) were down 3.8% on Tuesday . The stock traded as low as $4.12 and last traded at $4.17. Approximately 23,854,142 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 40,664,445 shares. The stock had previously closed at $4.33.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NIO. Macquarie cut shares of NIO from an "outperform" rating to a "neutral" rating and decreased their price target for the stock from $6.60 to $4.80 in a research note on Wednesday, November 20th. The Goldman Sachs Group lowered shares of NIO from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $4.80 to $3.90 in a research report on Monday, November 25th. HSBC lowered NIO from a "buy" rating to a "hold" rating in a research note on Tuesday, January 7th. JPMorgan Chase & Co. downgraded NIO from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $7.00 to $4.70 in a research report on Tuesday, February 4th. Finally, Hsbc Global Res downgraded NIO from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $5.38.

NIO Trading Up 4.1 %

The stock's 50 day moving average price is $4.39 and its 200 day moving average price is $4.75. The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98.

Institutional Investors Weigh In On NIO

Several hedge funds have recently modified their holdings of NIO. Allspring Global Investments Holdings LLC purchased a new stake in shares of NIO during the third quarter valued at approximately $32,000. Blue Trust Inc. grew its holdings in NIO by 138.5% during the 4th quarter. Blue Trust Inc. now owns 6,212 shares of the company's stock valued at $27,000 after purchasing an additional 3,607 shares in the last quarter. Jones Financial Companies Lllp increased its stake in NIO by 131.8% during the 4th quarter. Jones Financial Companies Lllp now owns 7,619 shares of the company's stock worth $33,000 after buying an additional 4,332 shares during the period. Sava Infond d.o.o. acquired a new position in NIO in the 4th quarter worth $44,000. Finally, Callan Family Office LLC purchased a new position in NIO in the 4th quarter valued at about $44,000. 48.55% of the stock is currently owned by hedge funds and other institutional investors.

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.