NIO (NYSE:NIO) Stock Price Down 4.2% - Here's What Happened

Shares of Nio Inc - (NYSE:NIO - Get Free Report) were down 4.2% on Thursday . The stock traded as low as $4.26 and last traded at $4.32. Approximately 49,283,995 shares traded hands during mid-day trading, a decline of 6% from the average daily volume of 52,629,699 shares. The stock had previously closed at $4.51.

Analyst Upgrades and Downgrades

NIO has been the topic of several research reports. Hsbc Global Res downgraded NIO from a "strong-buy" rating to a "hold" rating in a report on Tuesday. The Goldman Sachs Group lowered shares of NIO from a "neutral" rating to a "sell" rating and lowered their target price for the stock from $4.80 to $3.90 in a report on Monday, November 25th. Macquarie downgraded NIO from an "outperform" rating to a "neutral" rating and cut their price target for the company from $6.60 to $4.80 in a research note on Wednesday, November 20th. HSBC cut NIO from a "buy" rating to a "hold" rating in a research note on Tuesday. Finally, Daiwa America raised NIO to a "strong-buy" rating in a research note on Monday, September 30th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $5.71.

NIO Stock Down 4.2 %

The firm has a market capitalization of $7.43 billion, a P/E ratio of -2.86 and a beta of 1.70. The firm's 50-day moving average is $4.65 and its 200 day moving average is $4.80. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.93 and a current ratio of 1.04.

Institutional Trading of NIO

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of NIO in the third quarter valued at about $32,000. Caprock Group LLC bought a new stake in shares of NIO during the 2nd quarter worth approximately $63,000. AE Wealth Management LLC acquired a new stake in shares of NIO in the 2nd quarter valued at approximately $75,000. First Trust Direct Indexing L.P. bought a new position in shares of NIO in the third quarter valued at $76,000. Finally, Apollon Wealth Management LLC acquired a new position in NIO during the third quarter worth $78,000. 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.