Why NIO Stock Is Higher Today
Shares of Chinese electric-vehicle maker NIO (NYSE: NIO) were moving higher on Tuesday, after a successful secondary offering and bullish notes from two Wall Street analysts.
As of 11:15 a.m. EST, NIO's American depositary shares were up about 5.1% from Monday's closing price.
NIO said on Monday that its planned stock offering had priced at $39 -- about 7% below Friday's closing price -- but that it was oversubscribed, meaning that the investment banks running the offering had asked for more shares than the company had originally planned to sell.
Source Fool.com
