- Today as of 2:53 PM ET, the stock price of Nio Inc (NYSE: NIO) is trading at $49.06 (+7.59% from the previous close of $45.60). This is likely why it is happening.
As of 2:53 PM ET today, the stock price of Nio Inc (NYSE: NIO) is trading at $49.06 (+7.59% from the previous close of $45.60). The increase in price is happening ahead of the Q3 2020 earnings announcement, which is scheduled to happen at 7 PM ET.
According to Bloomberg consensus estimates, Nio is reportedly going to announce an adjusted loss per share of 17 cents for the third quarter, compared to a loss of 34 cents in the same quarter a year ago. And revenue is expected to hit $663.29 million, up 153% from a year ago.
Nio has been one of the best performing automotive companies this year as its vehicle deliveries doubled in October. And the stock price of Nio is up over 1,190% for the year-to-date.
Earlier this year, Nio had launched a battery subscription service. And rumor has it that Nio will be expanding globally, starting in Europe.
Following the earnings announcement, Nio will likely receive price target increases from several analysts. Stay tuned to see what happens.
Disclosure: I have a small NIO position in my stock portfolio.