- The stock price of NIO Inc (NYSE: NIO) increased by over 2.5% pre-market. This is why it happened.
The stock price of NIO Inc (NYSE: NIO) increased by over 2.5% pre-market. It seems like there are a couple of catalysts in play.
Bank of America Securities analyst Ming Hsun Lee recently issued a research report about NIO. Lee had maintained a “Buy” rating with a $63 price target on NIO.
Lee had cited NIO’s March deliveries representing a 373% year-over-year and 30% month-over-month increase. And the quarterly deliveries of 20,060 units had represented a 423% year-over-year and 16% quarter-over-quarter increase.
Bank of America’s bullish report is based on the growing EV market and NIO’s expansion of the battery swap stations.
There also seems to be a sympathy play in effect with Tesla. Over the weekend, Tesla announced produced just over 180,000 vehicles and delivered nearly 185,000 vehicles, which was well above expectations. And so Wedbush issued a $1,000 price target on Tesla (up from $950).
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.