NIO (NIO) Stock Price Down 6.3%

Shares of Nio Inc – (NYSE:NIO) dropped 6.3% during mid-day trading on Tuesday . The stock traded as low as $4.43 and last traded at $4.45. Approximately 45,903,620 shares changed hands during trading, an increase of 63% from the average daily volume of 28,229,969 shares. The stock had previously closed at $4.75.

Several research firms have recently issued reports on NIO. Deutsche Bank set a $10.00 price target on shares of NIO and gave the company a “buy” rating in a research note on Thursday, March 7th. Goldman Sachs Group began coverage on shares of NIO in a research note on Thursday, March 7th. They set a “buy” rating and a $10.70 price target for the company. Citigroup raised shares of NIO from a “neutral” rating to a “buy” rating and dropped their price target for the company from $7.20 to $6.80 in a research note on Thursday, April 4th. Zacks Investment Research raised shares of NIO from a “sell” rating to a “hold” rating in a research note on Thursday, February 28th. Finally, Bank of America raised shares of NIO from an “underperform” rating to a “neutral” rating and lowered their target price for the stock from $6.80 to $6.20 in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. NIO has a consensus rating of “Hold” and an average price target of $8.02.

The company has a market capitalization of $5.12 billion and a price-to-earnings ratio of -0.44. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.25 and a current ratio of 1.42.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wells Fargo & Company MN purchased a new position in NIO during the third quarter worth about $219,000. Advisor Group Inc. boosted its holdings in NIO by 510.3% during the fourth quarter. Advisor Group Inc. now owns 22,275 shares of the company’s stock worth $141,000 after purchasing an additional 18,625 shares during the last quarter. Warburg Pincus LLC purchased a new position in NIO during the third quarter worth about $193,861,000. Bank of New York Mellon Corp purchased a new position in NIO during the third quarter worth about $8,743,000. Finally, Summit Wealth & Retirement Planning Inc. purchased a new position in NIO during the fourth quarter worth about $660,000. 19.71% of the stock is owned by institutional investors and hedge funds.

WARNING: “NIO (NIO) Stock Price Down 6.3%” was first posted by WKRB News and is owned by of WKRB News. If you are viewing this report on another domain, it was illegally copied and reposted in violation of U.S. & international copyright & trademark legislation. The correct version of this report can be read at https://www.wkrb13.com/2019/04/17/nio-nio-stock-price-down-6-3.html.

About NIO (NYSE:NIO)

NIO Inc designs, manufactures, and sells electric vehicles in the People's Republic of China. The company is also involved in the manufacture of e-powertrain, battery packs, and components; and racing management, technology development, and sales and after-sales management activities. In addition, it offers power solutions for battery charging needs; and other value-added services.

Recommended Story: What is a short straddle?

Receive News & Ratings for NIO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NIO and related companies with MarketBeat.com's FREE daily email newsletter.