What's Going On With Nio Stock Today?

Shares of NIO Inc. (NASDAQ:NIO) are trading lower Monday. The company provided a delivery update for November.

• NIO stock is showing notable weakness. Get the market research here.

What To Know: The Shanghai-based electric vehicle company posted a delivery update for last month Monday morning. The company said it delivered 36,275 vehicles in November, representing an increase of 76.3% year-over-year.

The deliveries consisted of 18,393 vehicles from the Nio brand, 11,794 vehicles from the family-oriented smart electric vehicle brand Onvo and 6,088 vehicles from the small smart high-end electric car brand Firefly.

The company said it has now delivered 277,893 vehicles year-to-date, and cumulative deliveries hit 949,457 as of the end of November.

Nio, which is seen as a competitor to Tesla, also shared unaudited third-quarter earnings last week, reporting total revenues of $3.06 billion, which missed the analyst consensus estimate of $3.26 billion. Meanwhile, the company’s quarterly losses of 15 cents per share beat estimates for losses of 24 cents per share.

Several analysts adjusted their price targets over the past week.

• Barclays analyst Jiong Shao maintained an underweight rating and raised the price target from $3 to $4.
• Citigroup analyst Jeff Chung maintained a buy rating and lowered the price target from $8.60 to $6.90.
• Macquarie analyst Eugene Hsiao downgraded the stock from outperform to neutral and lowered the price target from $6.70 to $5.30.

NIO Price Action: Shares of Nio were down 5.64% and trading at $5.18 at the time of publication on Monday, according to Benzinga Pro.

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