NIO Inc. (NIO) Nears 52-Week High on Bullish Rating, PT

We recently published Massive Gains: 10 Stocks Investors Can’t Stop Buying. NIO Inc. is one of the top performers on Thursday’.

NIO grew its share prices by 4.92 percent on Thursday to close at $7.47 apiece, nearly hitting a new all-time high, as investors took path from an investment firm’s bullish coverage for its stock.

During the session, NIO Inc. soared to $7.68—3 cents shy of its highest 52-week price of $7.71. It also marked its fourth straight day of gains.

On Wednesday, Citigroup raised its price target for NIO Inc.’s Hong Kong shares to HK$65.90 from HK$62.50 and maintained its “buy” rating on the stock. The analyses influenced overall trading in the company’s shares on both the Hong Kong and New York stock exchanges.

According to Citi, it added NIO Inc. to its 30-day upside catalyst watch, indicating that it expects the latter to rapidly rise in the short term.

Citi’s upgrade sparked renewed investor confidence after the company over the weekend announced a potential six-month delay in the delivery of its newly launched ES8 vehicle.

According to NIO Inc., it sold out the 40,000 unit production capacity of the ES8 amid strong demand. It added that new orders would face a waiting time of 24 to 26 weeks, or delivery as early as March 2026.

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This article is originally published at Insider Monkey.