Why Nio Stock Zoomed 23% This Week and Could Head Higher
Nio (NYSE: NIO) is wrapping up a solid week, with shares of the electric vehicle (EV) manufacturer jumping 15% so far through 11:30 a.m. ET Friday, according to data provided by S&P Global Market Intelligence. At its highest point during the week, Nio stock was up 23%.
With billionaire investor stakes, analyst upgrades, a new listing, and a milestone in an international market, investors in Nio had every reason to feel excited about this week.
Nio shares had been sinking since April as multiple fears gripped the market. Nio suspended operations in China amid COVID-19 lockdowns, its deliveries in April slumped 49% sequentially, and the company found itself on the U.S. Securities and Exchange Commission's (SEC) list of foreign companies that have failed to comply with the audit rules and are therefore at risk of getting delisted from the U.S.
Source Fool.com
