Electric Vehicle Maker Moves Higher on Mizuho Bull Note

The company's April vehicle deliveries more than doubled from a year prior

Digital Content Manager
May 3, 2021 at 10:39 AM
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Electric vehicle maker Nio Inc (NYSE:NIO) received a price-target hike from Mizuho to $65 from $60 this morning, after it announced April deliveries more than doubled from a year prior. The China-based Tesla (TSLA) competitor registered 7,102 vehicle deliveries last month, which represent a 125.1% year-over-year surge. In turn, NIO is up 3.4% at $41.13 at last check.

Nio stock has had a rough run on the charts so far this year. Shares more than halved after hitting a Jan. 11, all-time high of $66.98, though the $31 level was able to contain steeper losses. Since then, the security has been able to find ground at the $34 mark, but remains well below the formerly supportive 80-day moving average.

Analysts are mostly bullish towards the security, with 14 of the 22 in question carrying a "buy" or better rating, while the remaining eight call NIO a tepid "hold" or worse. Plus, the 12-month consensus price target of $53.62 is a 34.1% premium to its current perch.  

Meanwhile, short sellers have been building their positions. Short interest is up 4.5% in the most recent reporting period, and currently accounts for 5.4% of the stock's available float.

 

 

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