NIO (NYSE:NIO) Stock Price Down 1.6% - Here's What Happened

NIO Inc. (NYSE:NIO - Get Free Report)'s stock price traded down 1.6% during trading on Wednesday . The stock traded as low as $3.45 and last traded at $3.45. 9,523,792 shares changed hands during trading, a decline of 82% from the average session volume of 52,592,286 shares. The stock had previously closed at $3.50.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Mizuho dropped their price target on shares of NIO from $4.00 to $3.50 and set a "neutral" rating on the stock in a research report on Tuesday, June 3rd. The Goldman Sachs Group upgraded NIO from a "sell" rating to a "neutral" rating and raised their target price for the company from $3.70 to $3.80 in a report on Tuesday, June 17th. Barclays cut their target price on NIO from $4.00 to $3.00 and set an "underweight" rating on the stock in a research report on Wednesday, June 4th. Citigroup restated a "buy" rating on shares of NIO in a research note on Monday, April 28th. Finally, Cfra Research raised shares of NIO to a "hold" rating in a report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $4.74.

NIO Stock Down 0.9%

The stock has a fifty day moving average of $3.79 and a 200 day moving average of $4.12. The company has a debt-to-equity ratio of 1.89, a current ratio of 0.84 and a quick ratio of 0.69. The firm has a market capitalization of $7.24 billion, a P/E ratio of -2.14 and a beta of 1.62.

NIO (NYSE:NIO - Get Free Report) last released its 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 business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $12.46 billion. NIO had a negative return on equity of 286.45% and a negative net margin of 35.51%. The company's revenue for the quarter was up 21.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($2.39) earnings per share. On average, research analysts anticipate that NIO Inc. will post -1.43 EPS for the current fiscal year.

Institutional Investors Weigh In On NIO

Hedge funds and other institutional investors have recently bought and sold shares of the business. Jones Financial Companies Lllp lifted its position in NIO by 131.8% during the fourth quarter. Jones Financial Companies Lllp now owns 7,619 shares of the company's stock valued at $33,000 after purchasing an additional 4,332 shares during the last quarter. Xponance Inc. purchased a new stake in NIO during the 1st quarter valued at about $39,000. Blueshift Asset Management LLC purchased a new stake in shares of NIO during the first quarter valued at approximately $43,000. Sava Infond d.o.o. bought a new stake in NIO in the 4th quarter worth $44,000. Finally, Callan Family Office LLC bought a new stake in shares of NIO in the fourth quarter worth about $44,000. Institutional investors 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.