Why Nio Stock Continued to Soar Today
Shares of Chinese electric vehicle (EV) maker (NYSE: NIO) have been flying recently. Nio's American depositary shares were up by 11.1% as of 3:50 p.m. ET today. That brings its five-day surge to a whopping 38%.
That move was initiated by Nio's promising second-quarter earnings report last week. And the positive momentum continued today after the company caught an upgrade from one Wall Street analyst and a very bullish label from another.
When Nio reported its second-quarter results at the end of last week, it showed strong improvement in its gross profit margin compared to the first quarter, and beat analyst expectations with its third-quarter delivery and revenue guidance.
Source Fool.com
