NIO’s EV Deliveries Grow Again. The Stock Is Up Too.
The Chinese electric-vehicle maker
reported higher deliveries again, for January. The stock was up in premarket trading.
The company delivered 7,225 vehicles, up 2% from 7,077 delivered in December. The year-over-year growth was 352% year over year, according to the company’s news release.
The year-over-year growth is staggering, but the pandemic was hitting China in January 2020, before it hammered European and U.S. car sales in March and April.
Still, it appears NIO is selling all the cars it can make. Shares were up about 3% in premarket trading to just under $59 a share.
The average analyst price target for NIO stock jumped about $3 from $61 to $64 a share this past week. The stock got its first $80 price targets from two brokers. Shares, however, fell about 8% as the
dropped more than 3%.
Next up for NIO investors is most likely earnings, but the company is a late reporter. In 2020, the company reported its fourth-quarter earnings in mid March. Back then, the stock was $2.42 a share, and it dropped in the days following the earnings report. The shares are up roughly 2,250% since then.
Analysts expect NIO to report a loss of 7 cents per share from $1 billion in sales. The company reported a 12-cent loss, with $654 million in sales, for the third quarter of 2020, a better result than analysts projected. The stock fell after that report, but easily recovered and is up roughly $15 since then.
Write to Al Root at [email protected]
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