Nio Inc – (NYSE:NIO – Get Rating) shares dropped 4.3% during mid-day trading on Friday after China Renaissance lowered their price target on the stock from $12.30 to $10.40. China Renaissance currently has a hold rating on the stock. NIO traded as low as $9.52 and last traded at $9.56. Approximately 648,170 shares changed hands during trading, a decline of 99% from the average daily volume of 48,170,588 shares. The stock had previously closed at $9.99.
Several other analysts have also recently weighed in on NIO. UBS Group cut NIO from a “buy” rating to a “neutral” rating and lowered their price target for the company from $32.00 to $13.00 in a report on Thursday, November 17th. Mizuho lowered their price target on NIO from $34.00 to $28.00 and set a “buy” rating on the stock in a report on Tuesday, December 20th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $11.27 price target (down previously from $42.30) on shares of NIO in a report on Monday, November 28th. Barclays lowered their price target on NIO from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, November 17th. Finally, Citigroup reduced their price objective on NIO from $41.10 to $31.30 and set a “buy” rating on the stock in a research report on Thursday, September 8th. Three equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.52.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of the business. Renaissance Technologies LLC grew its stake in shares of NIO by 229.0% in the second quarter. Renaissance Technologies LLC now owns 17,768,900 shares of the company’s stock worth $385,941,000 after acquiring an additional 12,367,300 shares in the last quarter. Baillie Gifford & Co. raised its holdings in NIO by 9.0% during the second quarter. Baillie Gifford & Co. now owns 96,731,139 shares of the company’s stock worth $2,101,001,000 after purchasing an additional 7,980,518 shares in the last quarter. Aspex Management HK Ltd grew its position in NIO by 145.9% during the third quarter. Aspex Management HK Ltd now owns 10,113,800 shares of the company’s stock worth $159,495,000 after buying an additional 6,000,000 shares during the period. CI Investments Inc. grew its position in NIO by 151,311.5% during the second quarter. CI Investments Inc. now owns 2,919,214 shares of the company’s stock worth $63,405,000 after buying an additional 2,917,286 shares during the period. Finally, Barclays PLC grew its position in shares of NIO by 73.2% in the third quarter. Barclays PLC now owns 5,915,266 shares of the company’s stock valued at $93,283,000 after purchasing an additional 2,499,047 shares during the last quarter. 30.06% of the stock is owned by hedge funds and other institutional investors.
NIO Stock Down 4.4 %
The firm’s 50-day moving average price is $11.02 and its 200 day moving average price is $16.25. The firm has a market capitalization of $15.94 billion, a price-to-earnings ratio of -9.99 and a beta of 1.79. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.59 and a quick ratio of 1.42.
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.