Nio Falls After Goldman Downgrades the Electric Vehicle Maker
Goldman Sachs downgrades the Chinese electric vehicle maker's American depositary receipts to neutral from buy.
Nio (NIO) - Get NIO Inc. (China) Report fell more than 2% Friday after Goldman Sachs downgraded the Chinese electric-vehicle maker's American depositary receipts to neutral from buy.
Nio had five buys and six holds before the downgrade, according to Bloomberg.
Nio's share price has fallen more than 40% since its second-quarter earnings on Sept. 24, which included weaker sales and a wider loss than expected. The company also announced it was reducing its headcount to 7,800 from 9,900 amid "overall tempered market conditions."
The stock was down 2.5% to $1.60 on Friday.
Scroll to Continue
TheStreet Recommends
Save 57% During Our Fall Sale. Join Jim Cramer's Action Alerts PLUS investment club to become a smarter investor. Click here to sign up and save!
