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Nio stock analysis: Buy, Sell, or Hold in 2024?

Nio stock analysis: Buy, Sell, or Hold in 2024?

February 2024 saw a respite for the struggling electric vehicle (EV) market and a limited recovery, which was, surprisingly given its 2023 performance, spearheaded by Lucid Motors (NASDAQ: LCID), whose stock rose significantly in the wake of several positive developments and major partnerships.

Despite the recovery, most EV stocks have again started struggling in the second half of the month and few so much as the Chinese vehicle maker, Nio Inc. (NYSE: NIO). 

Indeed, Nio could neither benefit from longer-term strong performance as Elon Musk’s Tesla Motors (NASDAQ: TSLA) nor from backing from Saudi Arabia as Lucid nor did it surge along with the Chinese market as the government promised to step in to stabilize its stocks.

Nio stock price chart

Overall, Nio’s 2024 stock market performance has been marked by a significant decline, with the bulk of the drop occurring by late January. While the start of February brought a slight surge, it hardly put a dent in the overall downtrend, and the Chinese EV maker is 29.22% in the red year-to-date (YTD).

NIO YTD stock price chart. Source: Finbold

Additionally, despite the brief surge early after February 5, the last 30 days saw Nio share price decline by a total of 0.33%. The company’s shares similarly closed 2.93% in the red at $5.96 on Tuesday, February 20.

Will Nio stock rise in 2024?

The broader conditions in the industry, increasingly described as the “EV winter” in recent weeks, mean that a major Nio rally isn’t likely in the short term. 

Such a prediction is further corroborated by the increased pressure in the sector, as highlighted by the fact that even firms not specializing in electric vehicles, such as Ford (NYSE: F), have started slashing prices on their non-fossil-fuel models.

On the other hand, there is some silver lining for Nio Inc. as it has continued developing improved models and recently unveiled its extended-range ET5 in China. 

Additionally, the actual effects of the Chinese plan to stabilize its stock markets are yet to be seen, and Nio might indeed be a major beneficiary.

Analysts rate Nio stock

Despite the many setbacks in recent months, Wall Street analysts – or at least the 10 represented on the stock analysis platform TipRanks – remain positive regarding Nio stock. In fact, the EV maker is, at press time, rated as a “moderate buy,” with 6 experts rating it as a “buy” and 4 being neutral on its shares.

The 12-month price targets are similarly bullish, with analysts, on average, forecasting Nio shares will surge 77.39% in 2024 to $10.55 per share. In fact, even the lowest target of $8 constitutes an upside compared to the press time price of $5.96. 

NIO analyst rating. Source: TipRanks

Despite the general optimism, it is noteworthy that the recent trend has been one of lowering price targets for Nio stock. At the start of February, when the EV maker’s shares were priced at $5.71, the average projected upside stood at 90.19% compared to the current 77.39% from $5.96.

Nio stock technical analysis

Unlike the analysts, the technical analysis (TA) for Nio stock retrieved from TradingView on February 21 is mostly bearish. In fact, the EV maker’s shares are overall rated as a “sell” with oscillators reading “neutral” and moving averages logging NIO as a “strong sell.”

NIO technicals. Source: TradingView

Finally, technical analysis remains almost exactly the same for all three major time frames available on the platform, and Nio shares are rated as “sell” based on the stock’s 24-hour, 1-week, and 1-month performance.

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