NIO (NYSE:NIO) Stock Falls 3.2% – Time to Sell?

Shares of NIO Inc. (NYSE:NIO) dropped 3.2% during trading on Thursday. The company traded as low as $3.10 and last traded at $3.1950. Approximately 50,986,237 shares traded hands during mid-day trading, an increase of 40% from the average session volume of 36,526,984 shares. The stock had previously closed at $3.30.

Wall Street Analyst Weigh In

NIO has been the topic of a number of research reports. Freedom Broker lowered shares of NIO from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, September 2nd. Sanford C. Bernstein dropped their price target on NIO from $6.00 to $5.00 and set a “market perform” rating for the company in a research report on Wednesday, September 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NIO in a report on Tuesday, October 27th. JPMorgan Chase & Co. cut their price target on NIO from $4.50 to $3.70 and set a “neutral” rating for the company in a report on Monday, October 26th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $6.10 price objective on shares of NIO in a research report on Friday, September 4th. Six equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $5.78.

NIO Trading Down 3.2%

The company has a current ratio of 1.02, a quick ratio of 0.89 and a debt-to-equity ratio of 2.11. The company has a market cap of $7.93 billion, a PE ratio of -11.83 and a beta of 0.89. The company has a fifty day simple moving average of $3.58 and a two-hundred day simple moving average of $4.87.

NIO (NYSE:NIO) last announced its quarterly earnings data on Saturday, August 15th. The company reported $0.00 EPS for the quarter. The company had revenue of $4.73 billion for the quarter. NIO had a negative net margin of 3.95% and a negative return on equity of 111.37%. Analysts anticipate that NIO Inc. will post -0.13 EPS for the current year.

Institutional Trading of NIO

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake 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 during the period. Hsbc Holdings PLC raised its position in NIO by 651.5% during the 2nd quarter. Hsbc Holdings PLC now owns 1,600,640 shares of the company’s stock worth $8,051,000 after buying an additional 1,387,656 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of NIO by 70.2% in the 1st quarter. Renaissance Technologies LLC now owns 14,452,131 shares of the company’s stock worth $87,146,000 after acquiring an additional 5,962,731 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of NIO in the 2nd quarter worth $19,008,000. Finally, ABC Arbitrage SA acquired a new stake in shares of NIO in the 1st quarter worth $4,043,000. 48.55% of the stock is owned by institutional investors and hedge funds.

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.