NIO (NYSE:NIO) Stock Price Down 2.9% - Here's What Happened

Nio Inc - (NYSE:NIO - Get Free Report)'s stock price fell 2.9% during mid-day trading on Tuesday . The stock traded as low as $5.55 and last traded at $5.62. 28,518,838 shares traded hands during trading, a decline of 50% from the average session volume of 56,566,477 shares. The stock had previously closed at $5.79.

Analyst Ratings Changes

Several analysts have weighed in on NIO shares. Citigroup lowered 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. JPMorgan Chase & Co. raised shares of NIO from a "neutral" rating to an "overweight" rating and raised their target price for the company from $5.30 to $8.00 in a research note on Friday, September 6th. Daiwa America raised shares of NIO to a "strong-buy" rating in a research note on Monday, September 30th. Wolfe Research assumed coverage on shares of NIO in a research report on Thursday, September 5th. They set a "peer perform" rating on the stock. Finally, Bank of America upped their target price on shares of NIO from $5.00 to $5.30 and gave the stock a "neutral" rating in a research report on Thursday, September 5th. One investment 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 stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $5.93.

NIO Stock Down 2.7 %

The stock has a market capitalization of $9.69 billion, a P/E ratio of -3.33 and a beta of 1.86. The stock has a 50 day moving average price of $5.03 and a 200-day moving average price of $4.79. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.11 and a quick ratio of 1.01.

NIO (NYSE:NIO - Get Free Report) last posted its quarterly earnings results 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 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 last year, the company earned ($0.51) EPS. NIO's revenue for the quarter was up 98.9% compared to the same quarter last year. As a group, research analysts expect that Nio Inc - will post -1.37 EPS for the current fiscal year.

Institutional Investors Weigh In On NIO

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NIO. Creative Planning increased its position in shares of NIO by 8.3% in the third quarter. Creative Planning now owns 290,558 shares of the company's stock valued at $1,941,000 after acquiring an additional 22,240 shares during the period. Sivia Capital Partners LLC purchased a new position in NIO during the 3rd quarter valued at about $92,000. Atomi Financial Group Inc. raised its position in NIO by 15.5% during the 3rd quarter. Atomi Financial Group Inc. now owns 19,327 shares of the company's stock valued at $129,000 after purchasing an additional 2,588 shares during the last quarter. Green Alpha Advisors LLC lifted its holdings in NIO by 23.1% in the 3rd quarter. Green Alpha Advisors LLC now owns 73,413 shares of the company's stock worth $490,000 after buying an additional 13,773 shares during the period. Finally, Azzad Asset Management Inc. ADV bought a new stake in shares of NIO in the 3rd quarter worth approximately $286,000. 48.55% of the stock is currently owned by 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.