Why Nio Shares Rallied Today

Nio Inc - ADR NIO shares gained 5.66% Wednesday, closing at $53.20. The strength has been attributed to a Tuesday price target increase from Citigroup.

Citi maintained its Buy rating on the stock and increased its price target from $58.30 to $72. 

See Also: Bulls Drive Nio's Stock Higher: What's Next?

Nio operates in China's premium electric vehicle market. The company designs and jointly manufactures, and sells smart and connected premium electric vehicles, driving innovations in next-generation technologies in connectivity, autonomous driving, and artificial intelligence.

Nio has a 52-week high of $66.99 and a 52-week low of $6.50.

Photo: a Nio ES6.