Nio (NYSE:NIO) stock is trending higher on Friday and that’s partially due to Morgan Stanley analyst Tim Hsiao weighing in on the company.
In a recent note to investors, Hsiao highlighted Nio as a company he expected to outperform other electric vehicle (EV) startups in the near term. He believes strong vehicle deliveries in the coming months could cause investors to regain confidence in the company’s stock.
The Morgan Stanley analysts said the following in a note obtained by Investing.com:
Even if its new models don’t generate positive cash flow in the short term, we think its enhanced model bandwidth across segments (sedan, SUV, crossover) and attractive pricing will appeal to NIO’s addressable market, boosting its competitive position and growth outlook into 2023. This is also critical to NIO’s financing capability and bargaining power in the supply chain.
This isn’t the only news that has NIO stock rising today. It joins a list of Chinese stocks that are heading higher on reports of easing regulations in the country. This comes as insiders discuss Ant Group potentially being able to move forward with its scrapped initial public offering (IPO) plans from 2020.
Despite all of these positives, NIO stock isn’t seeing heavy trading today. As of this writing, more than 47 million shares had been traded. That’s still a ways off from its daily average trading volume of about 72.4 million shares.
NIO stock is up 6% as of Friday afternoon.
There’s more recent stock market news worth diving into below!
We’ve got all the latest stock news traders need to know about for Friday! Among that is what’s happening with shares of Electric Last Mile Solutions (NASDAQ:ELMS), ToughBuilt (NASDAQ:TBLT), and Roku (NASDAQ:ROKU) stock today. You can read more on these matters at the links below!
More Friday Stock Market News
- ELMS Stock Adds 50% in Major Bankruptcy Rally
- Why Is ToughBuilt (TBLT) Stock Down 50% Today?
- ROKU Stock Gains on New Walmart Deal
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.