NIO (NIO) Shares Down 7.4%

Nio Limited (NYSE:NIO) shares dropped 7.4% on Thursday . The company traded as low as $6.92 and last traded at $7.18. Approximately 22,615,441 shares traded hands during trading, a decline of 43% from the average daily volume of 39,740,469 shares. The stock had previously closed at $7.75.

A number of analysts have commented on the company. Sanford C. Bernstein assumed coverage on NIO in a report on Thursday, September 13th. They set an “underperform” rating and a $4.20 price objective for the company. Morgan Stanley assumed coverage on NIO in a report on Monday, October 8th. They set a “buy” rating and a $9.00 price objective for the company. Wolfe Research assumed coverage on NIO in a report on Monday, October 8th. They set an “outperform” rating and a $8.00 price objective for the company. JPMorgan Chase & Co. assumed coverage on NIO in a report on Tuesday. They set a “neutral” rating for the company. Finally, Goldman Sachs Group assumed coverage on NIO in a report on Monday, October 8th. They set a “neutral” rating and a $7.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. NIO presently has a consensus rating of “Hold” and an average target price of $7.64.

An institutional investor recently bought a new position in NIO stock. Nwam LLC bought a new stake in Nio Limited (NYSE:NIO) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 32,985 shares of the company’s stock, valued at approximately $230,000.

About NIO (NYSE:NIO)

NIO LIMITED manufactures and markets electric vehicles. The company offers electric cars under EP9, EVE, and ES8 brand names. The company was formerly known as NextEV Limited. NIO LIMITED was founded in 2014 and is headquartered in Shanghai, China with additional offices in San Jose, California; Munich, Germany; and London, United Kingdom.

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