NIO (NYSE:NIO) Shares Gap Down – Here’s Why

Nio Inc – (NYSE:NIO) shares gapped down before the market opened on Tuesday . The stock had previously closed at $5.18, but opened at $4.95. NIO shares last traded at $4.93, with a volume of 14,847,018 shares changing hands.

Analyst Ratings Changes

NIO has been the topic of several recent analyst reports. Citigroup reduced their price objective on shares of NIO from $8.50 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. Wolfe Research began coverage on shares of NIO in a research report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Macquarie downgraded shares of NIO from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $6.60 to $4.80 in a research note on Wednesday, November 20th. Bank of America upped their price target on shares of NIO from $5.00 to $5.30 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Finally, Daiwa America upgraded shares of NIO to a “strong-buy” rating in a research report on Monday, September 30th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $5.71.

NIO Trading Down 6.9 %

The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.93 and a current ratio of 1.04. The company’s fifty day simple moving average is $5.25 and its 200-day simple moving average is $4.84. The company has a market capitalization of $8.29 billion, a P/E ratio of -3.21 and a beta of 1.77.

Institutional Trading of NIO

Hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of NIO during the third quarter valued at about $32,000. Ridgewood Investments LLC purchased a new stake in shares of NIO during the second quarter valued at about $25,000. First Trust Direct Indexing L.P. purchased a new stake in shares of NIO during the third quarter valued at about $76,000. Apollon Wealth Management LLC purchased a new stake in shares of NIO during the third quarter valued at about $78,000. Finally, Baader Bank Aktiengesellschaft purchased a new position in shares of NIO in the 2nd quarter valued at approximately $53,000. 48.55% of the stock is owned by hedge funds and other institutional investors.

About 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.