NIO (NYSE:NIO) Stock Price Down 2.4% – Here’s Why

Shares of NIO Inc. (NYSE:NIO) were down 2.4% on Wednesday . The company traded as low as $4.66 and last traded at $4.6750. Approximately 30,886,448 shares were traded during trading, a decline of 21% from the average session volume of 39,152,121 shares. The stock had previously closed at $4.79.

Analyst Upgrades and Downgrades

A number of brokerages have commented on NIO. Bank of America restated a “neutral” rating and set a $6.80 price objective on shares of NIO in a research report on Thursday, May 21st. The Goldman Sachs Group raised shares of NIO from a “neutral” rating to a “buy” rating and set a $7.00 price target for the company in a research report on Monday, July 13th. Weiss Ratings restated a “sell (e+)” rating on shares of NIO in a report on Friday, May 1st. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and set a $6.00 price objective on shares of NIO in a research report on Friday, May 22nd. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $6.70.

NIO Price Performance

The company’s 50-day simple moving average is $5.26 and its 200 day simple moving average is $5.37. The company has a quick ratio of 0.90, a current ratio of 1.01 and a debt-to-equity ratio of 1.94. The stock has a market capitalization of $11.61 billion, a price-to-earnings ratio of -8.50 and a beta of 0.90.

Institutional Trading of NIO

A number of hedge funds and other institutional investors have recently modified their holdings of NIO. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of NIO by 3,966.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,316,291 shares of the company’s stock valued at $20,255,000 after buying an additional 5,185,565 shares during the period. Franklin Resources Inc. grew its position in shares of NIO by 50.9% during the 2nd quarter. Franklin Resources Inc. now owns 17,707 shares of the company’s stock worth $61,000 after buying an additional 5,974 shares during the period. Invesco Ltd. raised its stake in shares of NIO by 22.7% during the second quarter. Invesco Ltd. now owns 2,738,308 shares of the company’s stock worth $9,392,000 after buying an additional 506,618 shares during the last quarter. First Trust Advisors LP raised its stake in shares of NIO by 67.4% during the second quarter. First Trust Advisors LP now owns 73,280 shares of the company’s stock worth $251,000 after buying an additional 29,501 shares during the last quarter. Finally, AXA S.A. acquired a new position in NIO in the second quarter valued at approximately $64,000. Institutional investors and hedge funds own 48.55% of the company’s stock.

NIO Company Profile

NIO Inc is a pioneer in the premium electric vehicle (EV) segment, dedicated to the design, development and manufacture of smart, high-performance EVs. Established in November 2014 and headquartered in Shanghai, China, the company focuses on integrating cutting-edge electric propulsion, advanced connectivity and autonomous driving technologies into its automotive platforms. NIO’s vision centers on creating a holistic user experience that extends beyond the vehicle itself, encompassing energy services and digital solutions.

The company’s product lineup includes flagship SUVs and sedans such as the ES8, ES6, EC6, ET7 and ET5, each engineered to deliver strong performance, long range and a suite of intelligent driver-assistance features.