Why Nio's Stock Is Tumbling Today
Driving higher yesterday, shares of Nio (NYSE: NIO) are reversing course and headed south today. Although the Chinese electric vehicle (EV) manufacturer hasn't reported any news to spur the stock's sell-off, investors are reacting to some pessimism from Wall Street.
As of 10:49 a.m. ET, shares of Nio have dropped 4.5%.
According to TheFly.com, two analysts have taken less enthusiastic positions on Nio's stock, leading investors to click the sell button. First, Tim Hsiao, an analyst at Morgan Stanley, slashed his price target on the stock to $34 from $66, a move that was predicated on concerns regarding geopolitical conflict and supply chain disruptions, among other factors.
Source Fool.com
