NIO Inc (NYSE:NIO) shares are trading higher Wednesday. The stock may be rebounding after facing selling pressure in recent sessions on lockdown concerns related to spikes in COVID-19 cases.
What Happened: COVID-19 cases have been rising in multiple districts throughout China. On Monday, Beijing officials urged residents of the Chaoyang district to stay at home, extending a request from the weekend. The Haizhu district in Guangzhou also extended its COVID-19 restrictions in some areas to Nov. 27, according to local reports.
Beijing, the capital of China, reported more than 1,400 new COVID cases on Tuesday, a record for the city. Several reports indicate that Beijing will require individuals to show a negative PCR test within the last 48 hours to enter public venues like shops, hotels and government offices.
The new restrictions come after Beijing reported three COVID-related deaths over the weekend, its first deaths reportedly caused by the virus since May.
Check This Out: Jim Cramer Says China’s Vaccines ‘Don’t Work’ But Xi Won’t Admit It
What Else: At the start of the week, Deutsche Bank analyst Edison Yu 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 up 5.1% at $10.52 at time of publication, according to Benzinga Pro.
Photo: courtesy of Nio.
