NIO Stock Forecast: Nio shares zigzag at Friday open

NYSE: NIO fell by 2.65% during Thursday’s trading session.
Credit Suisse analyst Bin Wang provides a new $83 price target.
Nio rival BYD quadrupled its vehicle deliveries in the month of January.

Stocks Reporter FXStreet

UPDATE: Shares of Nio rose 2.5% on Friday's open after ricocheting from red to green. The stock of the most-watched Chinese EV producer is trading at $23.78 at the time of writing.

NYSE: NIO soared out of the open on Thursday, but there was simply too much weakness due to the sell-off of Meta Platforms (NASDAQ: FB) that tanked global markets. Shares of Nio fell by 2.65% and closed the trading session at $23.13. It was a bloody day for the markets as one of the largest components of the NASDAQ and S&P 500, Meta Platforms, sank by more than $200 billion from its market cap. The NASDAQ tumbled by 3.74%, while the S&P 500 erased recent gains by dropping 2.44%. The blue chip Dow Jones also shed 518 basis points for the worst session so far in the month of February.

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Despite the recent volatility in the markets, another Wall Street analyst has pledged his support for Nio’s stock. Credit Suisse analyst Bin Wang has Nio as his pick to emerge as the leader in the lucrative Chinese EV market. Wang pointed to the upcoming new model releases, specifically the ET5, as catalysts for Nio’s growth into the future. Most impressively, Wang provided an $83 price target for 2022, which is 250% higher than Thursday’s closing price.

NIO stock price

Nio rival and Warren Buffett-backed BYD reported its January delivery figures on Thursday, and the company managed to quadruple its sales from the year before. The company sold 93,168 new-energy vehicles in January, which saw a slight sequential drop from December, but also represented a 362% year over year increase from January 2021. One caveat is that new-energy vehicles also include hybrid vehicles, so BYD’s figures aren’t strictly for its electric vehicle sales.

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