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Deep learning algorithm sets Nio stock price for December 30, 2022

Deep learning algorithm sets Nio stock price for December 30, 2022
Jordan Major

Chinese electric vehicle (EV) manufacturer (NYSE: NIO) fell to $11.60, down −$-0.28 (-2.36%) on Friday, December 16, and is down a further -$-0.72 (-5.84%) over the past five trading days.

Since Nio is one of the most frequently traded companies on the market, with over 70% retail ownership at the time of publishing, investors remain curious about where the stock will finish trading by the end of the year. Coin Price Forecast, which uses data science and machine self-learning technology, has forecasted that Nio’s price will rise by the end of the year.

NIO started 2022 trading at $31.68, given that it is currently changing hands at $11.60; its price has so far decreased by -63% from the beginning of the year. Yet, the forecasted NIO price for December 30, 2022, is $12.82, a rise from today to year-end: +11%, meaning it would be a year-to-year change of -60%.

NIO 2022 price target. Source: Coin Price Forecast

The price of Nio is predicted to increase to $20.83, a +80% increase from its current price, by the end of 2023. 

NIO chart and analysis

In the last month, NIO has been trading between the $9.67 – $14.03 range, and it is currently trading in the middle of this range, so some resistance may be found above. Notably, a resistance zone ranging from $12.50 to $12.57 is formed by a combination of multiple trend lines and important moving averages in the daily time frame.

NIO YTD chart. Source: Finbold

Considerably lower volume has been observed in the last couple of days, and there has been reduced volatility while prices have been consolidating in the most recent period. At the same time, Nio is trading above its 7-day, 14-day, and 28-day simple moving averages (SMAs).

Technical analysis

The technical analysis (TA) for NIO on the 1-week gauges is bearish as the summary gauge points to a ‘sell’ sentiment at 14 while moving averages (MA) suggest a ‘strong sell’ at 13.

NIO technical analysis. Source: TradingView

Elsewhere, the oscillators gauge points to ‘neutral’ at 8, according to the data obtained from the market analytics platform TradingView.

NIO 12-month price target. Source: TradingView

The short-term technical analysis may be bearish, but 41 Wall Street analysts have given the stock a ‘buy’ recommendation in the past three months. Specifically, 34 analysts collectively recommend buying the stock, and seven recommend holding, with none of the industry experts advocating selling the stock.

Nio has an average 1-year price projection of $18.37, according to the 34 analysts that follow the company and issue analyst recommendations; this objective represents a 58.39% upside from its current price. Meanwhile, the highest possible estimate is $34.31, and the lowest possible estimate is $7.95. 

Nio stock overview

Despite the decline in Nio’s stock price in 2022, mainly owing to factors beyond the company’s control, the firm is still among the most formidable Tesla (NASDAQ: TSLA) competitors. The zero-Covid policy in China has led to the shutdown of factories and disruptions in the supply chain in 2022.

However, with China’s economy slowly reopening, demand may increase just as it was beginning to diminish. Sales of vehicles at the firm are up 32% year-over-year and over 25% in Q3.

In Q4, investors might anticipate a quickening of the expansion. The company expects to deliver 43,000 to 48,000 automobiles between now and the end of December, representing growth of between 71.8% and 91.7% year-over-year and revenue of between $2.4 billion and $2.7 billion.

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