NIO (NYSE:NIO) Shares Down 4.3% - Here's What Happened

Nio Inc - (NYSE:NIO - Get Free Report) fell 4.3% on Monday . The company traded as low as $5.94 and last traded at $5.97. 27,537,781 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 56,429,199 shares. The stock had previously closed at $6.24.

Analyst Ratings Changes

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

NIO Trading Down 7.1 %

The company has a 50-day moving average price of $5.03 and a 200-day moving average price of $4.79. The firm has a market capitalization of $9.97 billion, a price-to-earnings ratio of -3.43 and a beta of 1.86. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.01 and a current ratio of 1.11.

NIO (NYSE:NIO - Get Free Report) last released 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). The business had revenue of $17.45 billion during the quarter, compared to analysts' expectations of $17.49 billion. NIO had a negative return on equity of 104.61% and a negative net margin of 32.47%. The business's quarterly revenue was up 98.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.51) EPS. As a group, research analysts forecast that Nio Inc - will post -1.37 EPS for the current fiscal year.

Institutional Trading of NIO

Large investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in shares of NIO in the 2nd quarter valued at about $1,076,000. Bank of New York Mellon Corp boosted its position in shares of NIO by 32.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,416,709 shares of the company's stock valued at $5,894,000 after purchasing an additional 343,910 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of 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 valued at $10,430,000 after purchasing an additional 439,474 shares during the period. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in shares of NIO by 127.1% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 378,638 shares of the company's stock valued at $1,704,000 after purchasing an additional 211,936 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of NIO by 28.2% in 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 period. 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.