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

Key Points

• NIO shares fell 1.9% to approximately $3.30, with trading volume about 23% below the stock’s average daily volume.
• Analyst sentiment remains mixed but leans neutral: NIO has a consensus “Hold” rating and an average price target of $5.87, although several firms recently downgraded the stock or lowered their targets.
• NIO continues to report weak profitability, including a negative net margin and return on equity, while institutional investors own 48.55% of the company and several major funds recently increased their positions.

NIO Inc. (NYSE:NIO - Get Free Report) shares traded down 1.9% on Thursday. The stock traded as low as $3.24 and last traded at $3.2950. Approximately 28,267,688 shares were traded during trading, a decline of 23% from the average daily volume of 36,904,043 shares. The stock had previously closed at $3.36.

Analysts Set New Price Targets

NIO has been the topic of several research analyst reports. Freedom Broker cut NIO from a "strong-buy" rating to a "hold" rating in a report on Wednesday, September 2nd. Royal Bank Of Canada cut NIO to a "sector perform" rating in a report on Thursday, September 3rd. Sanford C. Bernstein decreased their target price on NIO from $6.00 to $5.00 and set a "market perform" rating on the stock in a research report on Wednesday, September 2nd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of NIO in a research note on Wednesday, July 29th. Finally, Citigroup reissued a "buy" rating on shares of NIO in a research note on Tuesday, September 1st. Six investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, NIO currently has a consensus rating of "Hold" and an average price target of $5.87.

NIO Stock Performance

The company has a market cap of $8.18 billion, a PE ratio of -12.20 and a beta of 0.92. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.89 and a current ratio of 1.02. The firm's 50 day moving average is $3.81 and its 200-day moving average is $4.88.

NIO (NYSE:NIO - Get Free Report) last released its quarterly earnings data on Saturday, August 15th. The company reported $0.00 EPS for the quarter. NIO had a negative net margin of 3.95% and a negative return on equity of 111.37%. The company had revenue of $4.73 billion during the quarter. On average, research analysts anticipate that NIO Inc. will post -0.13 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NIO

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC lifted its position in NIO by 70.2% during the first quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company's stock worth $87,146,000 after buying an additional 5,962,731 shares in the last quarter. Bank of America Corp DE grew its holdings in NIO by 99.0% in the 1st quarter. Bank of America Corp DE now owns 14,228,916 shares of the company's stock valued at $85,800,000 after buying an additional 7,079,903 shares in the last quarter. SG Americas Securities LLC grew its holdings in NIO by 67.2% in the 1st quarter. SG Americas Securities LLC now owns 5,027,161 shares of the company's stock valued at $30,314,000 after buying an additional 2,020,754 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of NIO in the 2nd quarter worth $19,008,000. Finally, Hsbc Holdings PLC increased its stake in shares of NIO by 651.5% in the 2nd quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company's stock worth $8,051,000 after acquiring an additional 1,387,656 shares during the last quarter. Institutional investors and hedge funds own 48.55% of the company's stock.

About NIO

NIO Inc is a Chinese smart electric vehicle manufacturer founded in 2014 and headquartered in Shanghai. The company develops, manufactures and sells premium battery-powered passenger vehicles, including sedans, SUVs and coupés. Its vehicle lineup has included models such as the ET7, ET5, ES6, EL6, EL7 and EC6, along with newer vehicles introduced under the NIO and ONVO brands.

In addition to vehicle sales, NIO provides related services and technologies designed to support electric vehicle ownership.

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