NIO Inc. (NYSE: NIO) stock might presumably merely no longer contain had essentially the most effective bustle in the third quarter, however the weakness provided a procuring different for a mammoth Investment financial institution.
What Took affirm: Germany’s Deutsche Bank Aktiengesellschaft (NYSE: DB) boosted its Nio holdings by 22% in the third quarter, a Effect 13F filed with the SEC Thursday confirmed.
At the close of the third quarter, the German financial institution held 7.136 million shares of the Chinese language EV maker, up from the 5.85 million shares it held at the close of the second quarter.
The cost of Nio shares held by Deutsche Bank elevated from $254.251 million at the close of the second quarter to $311.236 million at the close of the third quarter.
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Why It be Crucial: Despite the lukewarm exhibiting by Nio’s stock, the company is a mammoth favourite among sell-facet analysts.
Earlier this week, Deutsche Bank analyst Edison Yu reiterated a Bewitch ranking on Nio shares and elevated the impress target from $60 to $70.
Whereas noting that the stock has underperformed vis-à-vis its chums in the final three months, the analyst mentioned he sees three catalysts that might presumably maybe replace the epic on the stock.
Nio’s upcoming earnings file and guidance, due Tuesday; the November deliveries file due in early December; and the Nio Day 2021 match scheduled for Dec. 18 might perchance encourage as catalysts to propel the stock larger, he mentioned.
NIO Impress Action: Nio shares contain been down 1.79% at $42.35 slack in Friday’s session.
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