NIO (NYSE:NIO) Shares Down 3.4% - Here's What Happened

NIO Inc. (NYSE:NIO) experienced a decline of 3.4% in its shares on Thursday. The stock traded at a low of $4.16 and finalized at $4.14. During the trading session, around 7,480,180 shares changed hands, which represents an 82% decrease in volume compared to the average daily trading of 40,742,898 shares. The previous close was $4.28.

Wall Street Analyst Opinions

Recent reports from analysts have kept NIO in the spotlight. On November 20, Macquarie adjusted its rating for NIO from "outperform" to "neutral," setting a new price target of $4.80 down from $6.60. Following that, on November 25, Goldman Sachs downgraded NIO's shares from "neutral" to "sell," and revised its price target to $3.90 from $4.80. On September 30, Daiwa America upgraded NIO to a “strong-buy,” while HSBC downgraded their stance from "buy" to "hold" on January 7. Overall, analysts have diverse opinions on NIO, with two ratings as sell, nine as hold, two as buy, and one as strong buy. MarketBeat reports that the average rating for NIO is "Hold" with a target price of $5.71.

NIO Current Financial Metrics

NIO has a current ratio of 1.04, a quick ratio of 0.93, and a debt-to-equity ratio of 0.98. The company’s stock has a 50-day moving average of $4.48 and a 200-day moving average of $4.78. Its market capitalization stands at $7.36 billion, reflecting a P/E ratio of -2.83 and a beta of 1.70.

Institutional Investor Activity

Several hedge funds have altered their positions in NIO recently. Blue Trust Inc. increased its holdings by 138.5% in the fourth quarter, acquiring a total of 6,212 shares valued at approximately $27,000 after adding 3,607 shares. Allspring Global Investments Holdings LLC entered the NIO market in the third quarter with a stake worth $32,000. U.S. Capital Wealth Advisors LLC also acquired a new position valued at about $53,000 in the fourth quarter. Additionally, Perigon Wealth Management LLC raised its stake by 24.1%, owning 14,769 shares worth approximately $61,000. Overall, institutional and hedge fund investors hold 48.55% of NIO's stock.

About NIO Inc.

NIO Inc. focuses on designing, manufacturing, and selling electric vehicles in China. The company is also engaged in producing e-powertrains, battery packs, and other components, while providing related technological development, sales, and after-sales management services. In addition, NIO offers solutions for battery charging needs along with various value-added services.

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