What's Going On With Nio Stock?

NIO Inc NIO shares are trading lower Wednesday after rising more than 3.5% in an abbreviated trading session on Monday. Morgan Stanley reiterated an Overweight rating Wednesday morning.

What Happened: Morgan Stanley analyst Tim Hsiao reiterated Nio with an Overweight rating and maintained a $12 price target.

The analyst update comes as Nio shares have rallied more than 7% over the last week and nearly 28% over the last month. 

On Monday, the EV maker provided a delivery update for the second quarter and June. 

Nio said it delivered 10,707 vehicles in June, up from 6,155 vehicles in May. Deliveries last month consisted of 4,324 sedans and 6,383 SUVs versus deliveries of 3,759 sedans and 2,396 SUVs in May. 

The company reported total deliveries of 23,520 for the second quarter, bringing cumulative deliveries up to 344,117 as of June 30. 

Nio launched and commenced deliveries of the ET5 Touring in mid-June. The company also said it started ramping up deliveries of its ES8 SUV toward the end of the month.

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NIO Price Action: Nio shares were down 0.8% at $9.94 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.