Shares of Chinese electric vehicle manufacturer Nio Inc – ADR (NYSE: NIO) have been on a roll since the start of June, with year-to-date gains of about 70%.Industry, Company Fundamentals Improve: Nio's strong gains are predicated on improving fundamentals at the company, with order growth and cost discipline propping up the top- and bottom-line.In late May, the company reported better-than-expected bottom-line performance despite a top-line miss, with revenue impacted primarily by the COVID-19 pandemic.The company has picked up since then. After bottoming in February, orders have started to rebound. Nio is now projecting record deliveries of 9,500-10,000 vehicles in the second quarter.Industry fundamentals have also bottomed. The Chinese EV market is slowly and steadily improving in the wake of the coronavirus — and the softness induced by the government's cutback in EV subsidies.Stellar Stock Gains: From $3.98 at the end of May, Nio gained about 72% through Monday. On June 2, the stock added about 20% following a Goldman Sachs upgrade from Neutral to Buy with a $6.40 price target.With the company reporting strong order growth for May, the stock continued to head higher and breached the $6 level.Although an equity offering announced June 10 led to a pullback in shares, the stock has resumed its uptrend.On Monday, the stock jumped about 12% before settling at $6.83.The stock opened Tuesday's session at $7.43, above BofA Securities' recently revised price target of $7.30 and rose to a high of $7.44 amid the news it has closed its 72-million-ADS offering at $5.95 per share, raising $428.4 million.The stock has pulled back since then and was last seen down 1.68% to $6.72. Related Links:Nio's History Of Capital Raises: A Look At The Chinese EV Manufacturer's Debt Nio Analyst Projects Upside On Stronger Orders, Improving Margins, Cash FlowPhoto courtesy of Nio. Latest Ratings for NIO DateFirmActionFromTo Jun 2020Goldman SachsUpgradesNeutralBuy May 2020JP MorganUpgradesUnderweightNeutral Mar 2020JP MorganAssumesUnderweight View More Analyst Ratings for NIO View the Latest Analyst Ratings See more from Benzinga * Resurgent Nio Taps Equity Market To Ease Liquidity Crunch, Finance Progress * Tesla Vs. Nio Vs. Xpeng: A Look At The Chinese Electric Vehicle Market(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
