Why is NIO Stock up Today?
Electric car manufacturer NIO has seen its stock rise almost 17% this week, and about 7% today.
NIO’s increase isn’t just because of one event, but rather a culmination of several bullish factors. Deutsche Bank upped its price target to $34 after news of a record sales month.
Volume on NIO stock and options skyrocketed Wednesday, and the buying trend has continued today. Some of NIO’s rise can likely be attributed to buyers rushing in to capture some quick profits.
NIO investors are especially bullish because of the massive growth opportunity in the electric car space in China.