Stocks of the Chinese electric vehicle company, grew by almost 15% during today's trading session, mainly due to the target price rise.
Pippa Stevens, the reporter at CNBC, states that Citi has raised its target price for the company's shares following JPM, leading to a new round of growth. Nio's stock is up an incredible 600% over the year.
Nio spiking again today -- up more than 8% after gaining 22.57% yesterday. At the high today ($29.23) stock gained 35% in the last two days JPMorgan & Citi both upgraded $NIO, raised targets. Stock now up 600% YTD Pippa Stevens via Twitter
J.P. Morgan also more than doubled their price target, from $14 to $ 40 per share. Even though the target price is now more than twice the market price established on Tuesday, this did not prevent investors from pushing the price by 20%. Thus, in just two days, Nio rose in price by more than 30%.
This growth is supported by the strong increase in deliveries of new vehicles. In September, the increase was about 133% compared to last year, the company was able to achieve the seven months of consecutive growth of EV deliveries.
William Li, the company's founder and its CEO, announced over the weekend that the company is committed to doubling the production capacity of the factory by the end of 2021 by opening an additional assembly line. Thus, the output capacity will increase to 300 thousand vehicles per year.