Why Nio Stock Jumped Initially, Then Fell Today
Shares of Nio (NYSE: NIO), a Chinese electric vehicle company, rose in early trading this morning after it reported strong vehicle deliveries both in June and the most recent quarter.
But the stock then fell in later trading, possibly due to an analyst cutting his price target for the stock, and as new data made investors worried about a potential economic slowdown. The EV stock was down by 3.4% as of 2:12 p.m. ET.
The good news for Nio shareholders today was the fact that the company delivered 12,961 vehicles in June, an impressive 60% increase from the year-ago quarter. The company also increased second-quarter deliveries (through the end of June) by more than 14% to 25,059.
Source Fool.com
