NIO Stock Forecast: Nio Inc sinks further despite topping June delivery estimates
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UPGRADE- NYSE:NIO fell by 1.66% during Friday’s trading session.
- Nio delivered 12,961 vehicles in June, rebounding from the COVID-lockdowns.
- Nio also received a price target downgrade from Nomura.
NYSE:NIO capped off a rough week of trading as shares of the Chinese EV maker lost nearly 12% over the past five trading days. On Friday, shares of Nio fell a further 1.66% and closed the session at $21.36. Stocks kicked off the second half of 2022 on the right foot as all three major averages rose higher into the closing bell. With the markets closed on Monday, investors provided a small rally into the July 4th holiday weekend. The Dow Jones jumped higher by 321 basis points, while the S&P 500 and NASDAQ posted gains of 1.06% and 0.90% respectively during the session.
Stay up to speed with hot stocks' news!
On Friday, Nio and its domestic rivals announced their June vehicle delivery figures. Nio, XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) all posted higher than anticipated numbers, showing that the Chinese EV industry could be back on track following the COVID-induced lockdowns earlier this year. Nio delivered 12,961 vehicles, good for a 60% year over year increase, and a 14% increase for the second quarter. XPeng delivered 15,295 vehicles or a 133% year over year increase, and Li Auto delivered 13,024 vehicles, enough for a 69% rise from 2021. All three stocks closed lower on Friday following the reports.
NIO stock price
What sent shares of Nio tumbling after early session gains? It could be that a price downgrade from Nomura sent investors packing. The investment firm dropped its price target from $51.50 to $28.00, citing potential concerns for the ES7 SUV model. Nomura also dropped its price target for XPeng from $64.60 to $36.30 and lowered its rating from Buy to Neutral. Instead of Nio and XPeng, Nomura is advising investors to look at Li Auto and BYD.
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- NYSE:NIO fell by 1.66% during Friday’s trading session.
- Nio delivered 12,961 vehicles in June, rebounding from the COVID-lockdowns.
- Nio also received a price target downgrade from Nomura.
NYSE:NIO capped off a rough week of trading as shares of the Chinese EV maker lost nearly 12% over the past five trading days. On Friday, shares of Nio fell a further 1.66% and closed the session at $21.36. Stocks kicked off the second half of 2022 on the right foot as all three major averages rose higher into the closing bell. With the markets closed on Monday, investors provided a small rally into the July 4th holiday weekend. The Dow Jones jumped higher by 321 basis points, while the S&P 500 and NASDAQ posted gains of 1.06% and 0.90% respectively during the session.
Stay up to speed with hot stocks' news!
On Friday, Nio and its domestic rivals announced their June vehicle delivery figures. Nio, XPeng (NYSE:XPEV), and Li Auto (NASDAQ:LI) all posted higher than anticipated numbers, showing that the Chinese EV industry could be back on track following the COVID-induced lockdowns earlier this year. Nio delivered 12,961 vehicles, good for a 60% year over year increase, and a 14% increase for the second quarter. XPeng delivered 15,295 vehicles or a 133% year over year increase, and Li Auto delivered 13,024 vehicles, enough for a 69% rise from 2021. All three stocks closed lower on Friday following the reports.
NIO stock price
What sent shares of Nio tumbling after early session gains? It could be that a price downgrade from Nomura sent investors packing. The investment firm dropped its price target from $51.50 to $28.00, citing potential concerns for the ES7 SUV model. Nomura also dropped its price target for XPeng from $64.60 to $36.30 and lowered its rating from Buy to Neutral. Instead of Nio and XPeng, Nomura is advising investors to look at Li Auto and BYD.
Like this article? Help us with some feedback by answering this survey:
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