NIO (NYSE:NIO) Stock Price Down 1.9% - Here's What Happened

NIO Inc. (NYSE:NIO - Get Free Report)'s stock price traded down 1.9% on Thursday . The stock traded as low as $4.78 and last traded at $4.83. 21,223,908 shares were traded during mid-day trading, a decline of 58% from the average session volume of 50,402,316 shares. The stock had previously closed at $4.92.

Analyst Ratings Changes

NIO has been the topic of a number of research reports. The Goldman Sachs Group upgraded shares of NIO from a "sell" rating to a "neutral" rating and boosted their target price for the company from $3.70 to $3.80 in a report on Tuesday, June 17th. Morgan Stanley restated a "buy" rating on shares of NIO in a report on Monday, July 14th. Mizuho dropped their target price on shares of NIO from $4.00 to $3.50 and set a "neutral" rating on the stock in a report on Tuesday, June 3rd. Barclays dropped their target price on shares of NIO from $4.00 to $3.00 and set an "underweight" rating on the stock in a report on Wednesday, June 4th. Finally, Citigroup restated a "buy" rating on shares of NIO in a report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $4.74.

NIO Trading Up 3.0%

The firm has a 50-day moving average price of $3.78 and a 200-day moving average price of $4.03. The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.69 and a current ratio of 0.84. The stock has a market cap of $10.38 billion, a PE ratio of -3.07 and a beta of 1.55.

NIO (NYSE:NIO - Get Free Report) last issued its earnings results on Tuesday, June 3rd. The company reported ($0.45) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.23). NIO had a negative return on equity of 286.45% and a negative net margin of 35.51%. The business had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $12.46 billion. During the same period last year, the firm posted ($2.39) EPS. NIO's quarterly revenue was up 21.5% compared to the same quarter last year. As a group, equities analysts anticipate that NIO Inc. will post -1.43 EPS for the current fiscal year.

Institutional Investors Weigh In On NIO

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Financial Inc. purchased a new stake in NIO in the 4th quarter worth approximately $1,776,000. Avantax Advisory Services Inc. increased its holdings in NIO by 23.6% in the 4th quarter. Avantax Advisory Services Inc. now owns 32,637 shares of the company's stock worth $142,000 after acquiring an additional 6,239 shares in the last quarter. Corient Private Wealth LLC increased its holdings in NIO by 86.2% in the 4th quarter. Corient Private Wealth LLC now owns 33,689 shares of the company's stock worth $147,000 after acquiring an additional 15,600 shares in the last quarter. American Century Companies Inc. increased its holdings in NIO by 6.3% in the 4th quarter. American Century Companies Inc. now owns 595,533 shares of the company's stock worth $2,597,000 after acquiring an additional 35,464 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in NIO by 9.8% in the 4th quarter. Sei Investments Co. now owns 137,016 shares of the company's stock worth $597,000 after acquiring an additional 12,222 shares in the last quarter. Hedge funds and other 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.