NIO (NYSE:NIO) Trading Down 2.9% - What's Next?

Nio Inc - (NYSE:NIO - Get Free Report) dropped 2.9% during trading on Wednesday . The stock traded as low as $5.98 and last traded at $6.06. Approximately 29,727,033 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 56,493,004 shares. The stock had previously closed at $6.24.

Analysts Set New Price Targets

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

NIO Stock Up 0.6 %

The business has a 50-day moving average price of $4.87 and a 200 day moving average price of $4.75. The stock has a market capitalization of $10.80 billion, a P/E ratio of -3.72 and a beta of 1.86. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.71.

NIO (NYSE:NIO - Get Free Report) last issued its quarterly earnings data on Thursday, September 5th. The company reported ($2.21) EPS for the quarter, hitting analysts' consensus estimates of ($2.21). The business had revenue of $17.45 billion during the quarter, compared to analysts' expectations of $17.49 billion. NIO had a negative net margin of 32.47% and a negative return on equity of 104.61%. The business's revenue was up 98.9% on a year-over-year basis. During the same period last year, the company posted ($0.51) EPS. On average, equities analysts expect that Nio Inc - will post -1.37 EPS for the current fiscal year.

Institutional Investors Weigh In On NIO

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. lifted its position in NIO by 164.3% in the second quarter. Point72 Asset Management L.P. now owns 6,464,246 shares of the company's stock worth $26,891,000 after buying an additional 4,018,659 shares during the last quarter. Electron Capital Partners LLC boosted its stake in shares of NIO by 5.6% during the 4th quarter. Electron Capital Partners LLC now owns 4,429,960 shares of the company's stock worth $40,180,000 after purchasing an additional 235,521 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in NIO by 28.2% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 2,431,771 shares of the company's stock valued at $10,950,000 after purchasing an additional 535,400 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in NIO by 23.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,317,758 shares of the company's stock worth $10,430,000 after purchasing an additional 439,474 shares during the period. Finally, SG Americas Securities LLC lifted its stake in NIO by 64.6% in the first quarter. SG Americas Securities LLC now owns 1,895,544 shares of the company's stock worth $8,530,000 after purchasing an additional 744,067 shares during the last quarter. 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.