Nio Inc – (NYSE:NIO)’s share price fell 2.8% on Tuesday . The stock traded as low as $13.61 and last traded at $13.46, 143,345,830 shares changed hands during mid-day trading. A decline of 12% from the average session volume of 161,984,992 shares. The stock had previously closed at $13.85.
Several equities analysts have recently commented on NIO shares. started coverage on shares of NIO in a research note on Tuesday, June 9th. They set a “sell” rating for the company. Zacks Investment Research downgraded shares of NIO from a “hold” rating to a “sell” rating in a research note on Wednesday. Goldman Sachs Group downgraded shares of NIO from a “buy” rating to a “neutral” rating and upped their price objective for the company from $6.40 to $7.00 in a research note on Wednesday, June 24th. Bank of America reaffirmed a “buy” rating and set a $7.30 price objective on shares of NIO in a research note on Friday, June 12th. Finally, JPMorgan Chase & Co. raised shares of NIO from an “underweight” rating to a “neutral” rating and upped their price objective for the company from $2.00 to $3.50 in a research note on Wednesday, May 27th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $4.01.
The firm’s 50-day moving average is $7.78 and its 200-day moving average is $4.57. The company has a market cap of $14.46 billion, a PE ratio of -9.32 and a beta of 2.39.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in shares of NIO by 8.9% during the first quarter. Bank of New York Mellon Corp now owns 1,066,865 shares of the company’s stock valued at $2,966,000 after buying an additional 86,915 shares during the period. Exane Derivatives grew its holdings in NIO by 100.0% in the second quarter. Exane Derivatives now owns 26,000 shares of the company’s stock worth $201,000 after purchasing an additional 13,000 shares during the period. Franklin Resources Inc. purchased a new stake in NIO in the fourth quarter worth about $81,000. CIBC World Markets Inc. purchased a new stake in NIO in the fourth quarter worth about $215,000. Finally, Skandinaviska Enskilda Banken AB publ grew its holdings in NIO by 26.7% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 35,100 shares of the company’s stock worth $98,000 after purchasing an additional 7,400 shares during the period. Institutional investors own 31.50% of the company’s stock.
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.
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