Why Nio Stock Slumped This Week but Could Rebound
Shares of Chinese electric vehicle manufacturer (NYSE: NIO) got a much-needed breather in May after a dismal start to 2024, but the recovery has only lasted so long. The electric vehicle (EV) stock has already shed most of May's gains in the first week of June, dropping 12.1% at its lowest point in trading this week through 10 a.m. ET Friday, according to data provided by S&P Global Market Intelligence.
Nio's quarterly numbers disappointed investors, but the EV maker's monthly deliveries are finally picking up pace as expected. Is Nio stock's drop this week an opportunity to buy?
Let's first check the key numbers from Nio's first quarter:
Source Fool.com
NIO Inc. Stock
€4.05
-0.730%
With 0 Sell predictions and 2 Buy predictions the community sentiment towards the NIO Inc. stock is not clear.
As a result the target price of 5 € shows a positive potential of 23.55% compared to the current price of 4.05 € for NIO Inc..
