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

Shares of Nio Inc - (NYSE:NIO - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $6.22, but opened at $6.06. NIO shares last traded at $6.15, with a volume of 8,083,756 shares.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on NIO shares. Wolfe Research started coverage on shares of NIO in a research report on Thursday, September 5th. They set a "peer perform" rating on the stock. JPMorgan Chase & Co. upgraded shares of NIO from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $5.30 to $8.00 in a report on Friday, September 6th. Bank of America increased their price objective on shares of NIO from $5.00 to $5.30 and gave the company a "neutral" rating in a report on Thursday, September 5th. Citigroup cut their price objective on shares of NIO from $8.50 to $7.00 and set a "buy" rating on the stock in a report on Wednesday, September 4th. Finally, Daiwa America upgraded shares of NIO to a "strong-buy" rating in a report on Monday, September 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, NIO presently has a consensus rating of "Hold" and an average target price of $5.93.

NIO Trading Up 0.3 %

The company's fifty day simple moving average is $4.95 and its two-hundred day simple moving average is $4.77. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.71. The company has a market capitalization of $10.73 billion, a price-to-earnings ratio of -4.07 and a beta of 1.86.

NIO (NYSE:NIO - Get Free Report) last issued its quarterly earnings data on Thursday, September 5th. The company reported ($2.21) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($2.21). NIO had a negative net margin of 32.47% and a negative return on equity of 104.61%. The company had revenue of $17.45 billion during the quarter, compared to the consensus estimate of $17.49 billion. During the same quarter in the prior year, the firm earned ($0.51) earnings per share. The firm's revenue was up 98.9% compared to the same quarter last year. Research analysts forecast that Nio Inc - will post -1.37 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NIO

Several large investors have recently made changes to their positions in NIO. Ridgewood Investments LLC bought a new position in NIO in the second quarter valued at $25,000. Sound Income Strategies LLC grew its position in NIO by 3,333.3% in the first quarter. Sound Income Strategies LLC now owns 10,300 shares of the company's stock valued at $46,000 after purchasing an additional 10,000 shares in the last quarter. Perigon Wealth Management LLC bought a new position in NIO in the first quarter valued at $51,000. Baader Bank Aktiengesellschaft bought a new position in NIO in the second quarter valued at $53,000. Finally, Edge Wealth Management LLC bought a new position in NIO in the first quarter valued at $54,000. 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.