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 Wednesday . The stock had previously closed at $3.62, but opened at $3.45. NIO shares last traded at $3.52, with a volume of 6,900,684 shares.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on NIO shares. Citigroup lowered their target price on NIO from $8.90 to $8.10 and set a "buy" rating on the stock in a report on Monday, March 24th. JPMorgan Chase & Co. lowered shares of NIO from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $7.00 to $4.70 in a research report on Tuesday, February 4th. HSBC downgraded NIO from a "buy" rating to a "hold" rating in a research report on Tuesday, January 7th. Hsbc Global Res cut NIO from a "strong-buy" rating to a "hold" rating in a report on Tuesday, January 7th. Finally, Cfra Research upgraded NIO to a "hold" rating in a research report on Friday, March 21st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $5.05.

NIO Price Performance

The company has a debt-to-equity ratio of 0.98, a current ratio of 1.04 and a quick ratio of 0.93. The stock has a market capitalization of $7.36 billion, a PE ratio of -2.33 and a beta of 1.74. The company has a 50-day moving average of $4.17 and a two-hundred day moving average of $4.57.

NIO (NYSE:NIO - Get Free Report) last released its earnings results on Friday, March 21st. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.33) by ($0.14). NIO had a negative return on equity of 113.83% and a negative net margin of 33.41%. The company had revenue of $2.70 billion during the quarter, compared to analyst estimates of $20.19 billion. During the same period in the prior year, the business posted ($2.81) earnings per share. NIO's revenue was up 15.2% on a year-over-year basis. Sell-side analysts predict that Nio Inc - will post -1.43 EPS for the current fiscal year.

Institutional Trading of NIO

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in NIO by 138.5% during the fourth quarter. Blue Trust Inc. now owns 6,212 shares of the company's stock valued at $27,000 after acquiring an additional 3,607 shares during the period. Jones Financial Companies Lllp grew its holdings in shares of NIO by 131.8% during the 4th quarter. Jones Financial Companies Lllp now owns 7,619 shares of the company's stock worth $33,000 after purchasing an additional 4,332 shares during the period. Callan Family Office LLC acquired a new stake in NIO during the 4th quarter worth approximately $44,000. Sava Infond d.o.o. purchased a new position in NIO in the fourth quarter valued at approximately $44,000. Finally, Trilogy Capital Inc. acquired a new position in NIO during the fourth quarter valued at approximately $45,000. 48.55% of the stock is 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.