NIO Inc. NIO shares are trading higher on Monday alongside several Chinese names after China announced broad measures aimed at optimizing its business environment. The stock is up by more than 23% over the last month.
What To Know: China's National Development and Reform Commission (NDRC) released a 17-point statement on Monday which included pledges to support private investment in transportation, clean energy, new infrastructure, advanced manufacturing and real estate.
Chinese authorities have announced a series of pledges over the last week aimed at optimizing its business and investing environment ahead of the Politburo meeting later this week. Nio is among several Chinese names rising on the news.
What Else: On Friday, JP Morgan analyst Nick Lai maintained coverage on NIO with a Neutral rating and raised the price target from $8.50 to $9.
NIO is moving higher on above-average trading volume Monday. According to data from Benzinga Pro, more than 48 million shares have already been traded compared to the stock's 100-day average of 54.6 million shares.
NIO has gained nearly 40% over the last three months, but the stock remains more than 40% lower over the last year. Nio shares have seen increased attention from retail investors lately. The stock was trending on StockTwits and Yahoo! Finance at the time of writing.
Related News: What's Going On With Twilio Shares Monday?
NIO Price Action: According to Benzinga Pro, NIO is trading 10.3% higher at $11.67 at the time of publication.
Image: Mohamed_hassan from Pixabay
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July 25, 2023 at 01:22AM
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What's Going On With NIO Stock Monday? - NIO (NYSE:NIO) - Benzinga
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