Despite a rough year for Chinese electric vehicle (EV) company Nio Inc. (NYSE: NIO), which has witnessed a steady decline of its stock price only interrupted by the year’s high at $14.86 in late July, experts are moderately optimistic in terms of the next 12 months, heightened by some positive developments.
Indeed, earlier in December, Nio and its investors received pleasant news in the form of reports revealing that China has added the company to the list of approved car manufacturers, which has provided the necessary fuel that triggered the upward move for the Nio stock price.
Wall Street weighs in on Nio stock
With this in mind, a group of nine Wall Street analysts is largely bullish on the price of the Nio stock for the next 12 months, rating as a ‘moderate buy’ on the basis of six votes, whereas three of them declared it a ‘hold,’ with no recommendations for a ‘sell,’ as per TipRanks data on December 12.
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On top of that, they have offered one-year price targets over the last three months, averaging at $11.36, which would indicate a significant increase of 47.92% from its current price, whereas the minimum forecast stood at $8 (+ 4.17%), and the maximum price prediction amounted to $18.70 (+143.49%).
Nio stock price analysis
Meanwhile, the Nio stock was at press time trading at the price of $7.68, which represents a 4.1% gain in the last 24 hours, in addition to increasing 4.92% across the previous seven days and making an advance of 6.08% on its monthly chart, according to the latest information retrieved by Finbold.
Indeed, Nio has demonstrated a significant recovery in recent weeks despite trading in the wide range between $7.01 and $8.28 in the last month and near the middle of this range at the time of publication, demonstrating a negative trend for the long term.
Other bearish signals include its price near the lower end of its 52-week range and doing worse than 87% of other assets in the overall stock market. On the other hand, it is currently performing better than 52% of stocks in the automobile industry and is recording a strong average volume of 40 million shares traded daily.
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