NIO Inc NIO shares are trading lower Monday amid an outbreak of COVID-19 cases in China resulting in restrictive measures which can impact economic activity.
COVID-19 cases have been rising in Beijing's most populous district, according to a Reuters report.
On Monday, City officials reportedly urged residents of the Chaoyang district to stay at home, extending a request from the weekend.
"The number of cases discovered outside quarantine is increasing rapidly at present, and there are hidden transmission risks from multiple places. The pressure on Beijing has further increased," said Liu Xiaofeng, deputy director of the Beijing Center for Disease Prevention and Control.
Beijing reported 621 new infections on Saturday, up from 515 on Friday. The capitol added another 516 new infections by Sunday afternoon. The report indicates that China is still battling other outbreaks in cities from Zhengzhou in the central Henan province to Guangzhou and Chongqing in the southwest.
Related Link: Alibaba, Nio Slide Over 3%: Hong Kong Stocks Falter As China COVID-19 Death, Rising Cases Spark Fears
Deutsche Bank analyst Edison Yu on Monday maintained Nio with a Buy rating and raised the price target from $20 to $21.
Nio is a China-based electric vehicle maker targeting the premium segment.
NIO Price Action: Nio has a 52-week high of $33.80 and a 52-week low of $8.37.
The stock was down 2.29% at $10.23 at time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
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