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

Nio Inc - (NYSE:NIO - Get Free Report)'s share price gapped down prior to trading on Tuesday . The stock had previously closed at $3.52, but opened at $3.40. NIO shares last traded at $3.49, with a volume of 23,227,148 shares.

Wall Street Analyst Weigh In

NIO has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut 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 report on Tuesday, February 4th. Citigroup restated a "buy" rating on shares of NIO in a research note on Monday, April 28th. Cfra Research raised NIO to a "hold" rating in a research report on Friday, March 21st. Mizuho decreased their price objective on NIO from $4.00 to $3.50 and set a "neutral" rating for the company in a report on Tuesday. Finally, Barclays dropped their target price on NIO from $4.00 to $3.00 and set an "underweight" rating on the stock in a research note on Wednesday. Two analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $4.76.

NIO Stock Up 6.5%

The company has a quick ratio of 0.93, a current ratio of 1.04 and a debt-to-equity ratio of 0.98. The company's 50 day moving average price is $3.77 and its 200 day moving average price is $4.22. The firm has a market capitalization of $7.85 billion, a price-to-earnings ratio of -2.49 and a beta of 1.73.

NIO (NYSE:NIO - Get Free Report) last issued its quarterly earnings results on Tuesday, June 3rd. The company reported ($0.45) EPS for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.23). The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $12.46 billion. NIO had a negative return on equity of 113.83% and a negative net margin of 33.41%. The business's revenue was up 21.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($2.39) EPS. As a group, research analysts forecast that Nio Inc - will post -1.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NIO

Institutional investors and hedge funds have recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in NIO during the 4th quarter worth approximately $1,360,000. AlphaStar Capital Management LLC acquired a new stake in shares of NIO in the fourth quarter worth $537,000. SIH Partners LLLP raised its holdings in shares of NIO by 23.1% during the fourth quarter. SIH Partners LLLP now owns 933,700 shares of the company's stock worth $4,071,000 after purchasing an additional 175,000 shares during the last quarter. Arizona PSPRS Trust acquired a new position in NIO during the fourth quarter valued at $1,330,000. Finally, Raymond James Financial Inc. purchased a new stake in NIO in the fourth quarter valued at $1,776,000. Institutional investors and hedge funds own 48.55% of the company's stock.

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.