Nio Inc – ADR (NYSE: NIO) is having an relatively strong start to the trading session this morning. However, if you’re looking for press releases or SEC Filings, you may be disappointed. The company hasn’t released any news. Nonetheless, there is a good reason for the gains. Today, we’ll talk about:
- Why NIO is headed up;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
Why NIO Is Climbing Today
As mentioned above, Nio is having a relatively strong start to the trading session this morning. However, no news has been released by the company. So, what’s the deal?
Traders News Source issued a press release about NIO this morning, providing an overview of the company’s activity, and it was pretty positive. The big hit of the report was when the company pointed to two key milestones met in the third quarter. Htese included:
- The upscale of its electric SUV, known as the ES8. In fact, NIO delivered more than 3,000 vehilces during the third quarter.
- The second large milestone seen in the third quarter was the completion of the company’s IPO in the United States.
Also important, the news source reminded investors that numbers of ES8s being produced and delivered is significantly increasing. In fact, during the third quarter, production of ES8 vehicles came to 4,206, massive growth over the 500 vehicles produced in the previous quarter.
Finally, the article pointed to the twelve-month price target among 7 Wall Street analysts that averages at $8.4667 per share. This average implies an upside of just over 7% from the current trading price on shares.
What We’re Seeing From The Stock
While Nio hasn’t released any news of its own today, it seems as though the reminders with regards to the company’s successful scaleup of the ES8 is exciting investors. As always, the excitement is leading to gains in the market. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:40), NIO is trading at $7.88 per share after a gain of $0.40 per share or 5.35% so far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on NIO. In particular, we’re interested in following the story surrounding the company’s continued ramp up in production and sales as the third quarter proved to be an overwhelmingly successful one. Nonetheless, we’ll continue to follow thes tory closely and bring the news to you as it breaks!
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