Macquarie upgraded NIO to "outperform"
Nio Inc - ADR (NYSE:NIO) stock is 3.6% higher at $5.45 this morning following a bull note from Macquarie. Optimistic about the China-based electric vehicle (EV) firm's future performance and earnings calls, the analyst in question upgraded NIO to "outperform" from "neutral" with a $6.60 target price.
There's room for pessimism to unwind amongst the brokerage bunch, considering 10 of 15 in coverage rate Nio stock a "hold" or worse. Short interest is 15.3% higher over the last month, and the 188.93 million shares sold short account for 10% of the security's total available float.
Options are affordable at the moment, making now a good time for premium traders to speculate on the stock's next move. This is according to NIO's Schaeffer' Volatility Index (SVI) of 77%, which stands higher than just 21% of readings from the past 12 months.
On the charts, Nio stock remains 40% lower since the start of 2024, with an 18.4% quarter-to-date deficit to boot. The stock is on track to close above the $5.40 level, which has kept a lid on the shares on a closing basis for the past week. The security is also pacing for a close above its 50-day moving average, which had recently moved in as resistance.