NIO Shares Decline by 3.4% - What Happened?

Nio Inc (NYSE:NIO) experienced a decline of 3.4% on Thursday. The stock traded as low as $4.16 and was last seen at $4.14. A total of approximately 7,480,180 shares changed hands, marking a significant drop of 82% from the average daily trading volume of 40,742,898 shares. The previous close for the stock was $4.28.

Analyst Opinions

Recent analyst evaluations of NIO have contributed to the stock's performance. Macquarie adjusted their stance, reducing NIO from an "outperform" rating to a "neutral" rating, while also cutting the price target from $6.60 to $4.80 in a note published on November 20th. Additionally, on November 25th, Goldman Sachs downgraded the stock from a "neutral" rating to a "sell" rating with a lower price target of $3.90 from the previous $4.80. However, on September 30th, Daiwa America upgraded NIO to a "strong-buy" rating. HSBC also revised its rating by downgrading NIO from "buy" to "hold" on January 7th. Overall, the stock has two sell ratings, nine hold ratings, two buy ratings, and one strong buy rating, reflecting a consensus average rating of "Hold" with a target price averaging $5.71 according to MarketBeat data.

Market Performance

NIO currently has a balance sheet showing a current ratio of 1.04 and a quick ratio of 0.93, with a debt-to-equity ratio of 0.98. The stock has a 50-day moving average of $4.48 and a long-term 200-day moving average of $4.78. As of now, NIO holds a market capitalization of $7.36 billion, a P/E ratio of -2.83, and a beta of 1.70.

Institutional Investment Activity

Several hedge funds have recently adjusted their holdings in NIO. Blue Trust Inc. increased its stake by 138.5% during the fourth quarter, acquiring 6,212 shares worth approximately $27,000 after adding 3,607 shares in the last quarter. Allspring Global Investments Holdings LLC also entered a new stake in NIO in the third quarter valued at around $32,000. U.S. Capital Wealth Advisors LLC and Perigon Wealth Management LLC acquired new shares worth about $53,000 and $61,000 respectively during the fourth quarter. Currently, institutional investors and hedge funds own approximately 48.55% of the total stock.

About NIO Inc.

NIO Inc. designs, produces, and sells electric vehicles in China. Additionally, the company engages in the manufacturing of e-powertrains, battery packs, and other components, along with offering racing management, technology development services, and battery charging solutions.

NIO, Shares, Decline