While most eyes were on the US election, Chinese electric vehicle maker Nio (NIO) is off to the races. NIO’s stock price has climbed over 37% this past week and is up a whopping 838% for the year, observes Jay Soloff of Investors Alley.
The company recently announced strong October sales and better-than-expected growth. At least one analyst expects the company to be profitable by 2022. Options action in NIO has been brisk, with quite a bit of call buying for November and beyond. It seems traders are willing to pay up for short-term calls as the stock continues to rocket higher.
Learn more about Jay Soloff at Investors Alley.