NIO - NIO Stock Bounces After Suffering Biggest Selloff in More Than 2 Years
NIO Stock ( NYSE:NIO )
Shares of Nio Inc. ( NYSE:NIO ), 8.68% bounced 1.5% in premarket trading Tuesday, after suffering in the previous session the worst selloff since March 2020 in the wake of China President Xi Jinping’s moves to consolidate power. NIO stock had tumbled 15.7% on Monday , to the first close below the $10 mark since July 2020.
Market Analysis
Analyst Vijay Rakesh reiterated his buy rating on Nio stock and his $40 stock price target, which implies 323% upside from Monday’s closing price. Rakesh believes overall global battery EV demand “remains strong,” but geopolitical risks with further restrictions in China, as the country enforces its zero-COVID policy, overshadowed fundamental outlooks for China-based automakers.
Nio’s bounce comes even as futures ES00, 1.26% for the S&P 500 SPX, 1.35% fell 0.4% ahead of the open. Meanwhile, XPeng Inc.’s stock, +7.61% rose 1.8% in premarket trading after tumbling 11.9% to a record low on Monday, and Li Auto Inc. shares, 8.45% rose 2.7% premarket after falling 17.4% Monday to a two-year low. Tesla Inc.’s stock, 5.33% lost 1.1% premarket after shedding 1.5% on Monday; Tesla generated 23.9% of third-quarter revenue from China.
Nio’s stock ( NYSE:NIO ) has tumbled 46.3% over the past three months, while Tesla shares have lost 16.3%, the iShares China Large-Cap ETF has dropped 25.1% and the S&P 500 has declined 7.2%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Featured Image- Unsplash @ Li Zhang
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