NIO Reaches an All-Time High and Tesla Stock Drops After 12 Session Winning Streak
On Monday Morning, NIO rallied to an all-time high of $66.99. NIO was up as much as 10%, after the company unveiled a new luxury Sedan, the ET7, over the weekend.
Seen as one of Tesla’s strongest competitors, NIO, is up over 1,700% in the past 12 months as the emerging electric vehicle market continues to attract investors. NIO also reported a 121% increase in cars delivered year over year.
Analysts from JPMorgan Chase & Co have upgraded their price targets to $75 from $50 and kept their rating at a buy.
On Monday, shares of Tesla closed down 7.8%. Tesla’s stock was down after a bearish day in the overall market. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite closed down 0.66%, 0.29%, and 1.25%, respectively,
Tesla shares are up nearly 29% since Christmas and over 83% in the past 3 months. Before the drop on Monday, Tesla was on a 12-session winning streak. Given the substantial momentum, it’s not surprising shares took a breather.
On Jan 4, 2021, Analysts from JP Morgan & Chase upgraded their price targets on Tesla from $90 to 105 and kept their rating at underweight.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.