NIO (NYSE:NIO) Shares Down 1.2% - Here's What Happened

Nio Inc - (NYSE:NIO - Get Free Report) fell 1.2% during trading on Friday . The stock traded as low as $6.42 and last traded at $6.62. 48,927,504 shares changed hands during mid-day trading, a decline of 13% from the average session volume of 56,158,215 shares. The stock had previously closed at $6.70.

Analyst Upgrades and Downgrades

Several research firms have commented on NIO. Daiwa America upgraded NIO to a "strong-buy" rating in a research note on Monday. JPMorgan Chase & Co. upgraded NIO from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $5.30 to $8.00 in a research note on Friday, September 6th. Citigroup dropped their price objective on NIO from $8.50 to $7.00 and set a "buy" rating on the stock in a research note on Wednesday, September 4th. Wolfe Research initiated coverage on NIO in a research note on Thursday, September 5th. They set a "peer perform" rating on the stock. Finally, Bank of America upped their price objective on NIO from $5.00 to $5.30 and gave the stock a "neutral" rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $5.93.

NIO Price Performance

The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.11. The firm has a market capitalization of $11.65 billion, a price-to-earnings ratio of -4.01 and a beta of 1.82. The business has a fifty day moving average of $4.73 and a two-hundred day moving average of $4.73.

NIO (NYSE:NIO - Get Free Report) last posted its earnings results on Thursday, September 5th. The company reported ($2.21) earnings per share for the quarter, hitting analysts' consensus estimates of ($2.21). NIO had a negative return on equity of 104.61% and a negative net margin of 32.47%. The business had revenue of $17.45 billion for the quarter, compared to analyst estimates of $17.49 billion. During the same period in the previous year, the firm earned ($0.51) EPS. The firm's revenue was up 98.9% compared to the same quarter last year. As a group, research analysts predict that Nio Inc - will post -1.37 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NIO. Ridgewood Investments LLC acquired a new position in NIO in the 2nd quarter valued at $25,000. Sound Income Strategies LLC grew its holdings in NIO by 3,333.3% in the 1st quarter. Sound Income Strategies LLC now owns 10,300 shares of the company's stock valued at $46,000 after buying an additional 10,000 shares in the last quarter. Perigon Wealth Management LLC acquired a new position in NIO in the 1st quarter valued at $51,000. Baader Bank Aktiengesellschaft acquired a new position in NIO in the 2nd quarter valued at $53,000. Finally, Edge Wealth Management LLC acquired a new position in NIO in the 1st quarter valued at $54,000. 48.55% of the stock is 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.