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Wall Street expects Nio Inc (NYSE:NIO) to report a negative 31 cents in earnings per share (EPS) and $2.44 billion in revenues when the Chinese electric vehicle manufacturer reports second-quarter earnings before market hours on Thursday.
Nio saw impressive year-over-year growth with a 35.8% increase in vehicle deliveries for 2024, reaching 128,100 units. The company delivered 20,176 vehicles in August.
Nio’s total deliveries have now climbed to 577,694 vehicles as of August end, highlighting the company’s growing impact in the smart electric vehicle market.
Nonetheless, the stock is down 60.68% over the past year, and 49.52% year-to-date.
Let’s look at what the charts indicate for Nio stock and how the stock maps against Wall Street estimates.
Nio stock is in a relatively stagnant phase, yet it’s experiencing buying pressure, indicating potential for future bullish movement.
Chart created using Benzinga Pro
The eight-day and 20-day simple moving averages (SMAs) stand at $4.03 and $3.93 respectively, both below the current share price of $4.26, signaling bullish momentum.
The 50-day SMA at $4.24 too, suggests a bullish stance as the stock is trading slightly above it.
The 200-day SMA of $5.48, however, signals bearish momentum, indicating a potential long-term downtrend.
Chart created using Benzinga Pro
Additionally, the MACD (Moving Average Convergence/Divergence) indicator at a negative 0.03 and the Bollinger Bands ($3.60 – $4.30) align with this bearish sentiment, while the RSI at 55.54 suggests Nio stock is in neutral territory.
Despite short-term bullish signals, the overall technical indicators lean towards a cautious approach.
Nio Ratings & Consensus Estimates: The consensus analyst rating on Nio stock stands at a Buy currently with a price target of $14.52. The latest analyst ratings from BofA Securities and Citigroup imply a 71.23% upside for Nio stock with an average price target of $7.25.
Price Action: Nio stock ended Wednesday’s session 2.05% higher $4.24.
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Posted In: NIO
