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NIO Inc. (NYSE: NIO) inventory could not have had one of the best run within the third quarter, however the weak point introduced a shopping for alternative for an enormous funding financial institution.
What Occurred: Germany’s Deutsche Financial institution Aktiengesellschaft (NYSE: DB) boosted its Nio holdings by 22% within the third quarter, a Kind 13F filed with the SEC Thursday confirmed.
On the finish 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 on the finish of the second quarter.
The worth of Nio shares held by Deutsche Financial institution elevated from $254.251 million on the finish of the second quarter to $311.236 million on the finish of the third quarter.
Associated Hyperlink: Nio Vs. XPeng Vs. Li Auto: How October EV Deliveries Stack Up
Why It is Vital: Regardless of the lukewarm exhibiting by Nio’s inventory, the corporate is an enormous favourite amongst sell-side analysts.
Earlier this week, Deutsche Financial institution analyst Edison Yu reiterated a Purchase score on Nio shares and elevated the worth goal from $60 to $70.
Whereas noting that the inventory has underperformed vis-à-vis its friends within the final three months, the analyst mentioned he sees three catalysts that would change the narrative on the inventory.
Nio’s upcoming earnings report and steering, due Tuesday; the November deliveries report due in early December; and the Nio Day 2021 occasion scheduled for Dec. 18 may function catalysts to propel the inventory greater, he mentioned.
NIO Worth Motion: Nio shares had been down 1.79% at $42.35 late in Friday’s session.
Associated Hyperlink: Warren Buffett-Backed BYD Delivers Almost Double The EVs Bought By Nio, XPeng, Li Auto Mixed In October
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