Wall Street Analysts Predict +18% Increase in Nio Stock Price (NYSE:NIO) by 2024

Key takeaways: 

• NIO stock price increased +2.6% on Monday, closing the day at $10.95 per share
• The price increase could be the result of an improved ES6 manufacturing process and a spike in Nio’s insurance registrations
• Wall Street analysts and CoinCodex’s NIO price prediction algorithm are forecasting a significant increase in the price of NIO over the next 12 months

Nio’s manufacturing process upgrades and a 22% weekly increase in insurance registrations drive bullish sentiment

Nio stock price (NYSE:NIO) surged +2.6% to $10.95 on Monday, rejecting a monthly low of $10.67 the stock reached last week. 

The price bump could be attributed to the ramp-up in the production of the company’s ES6 model, a smart electric all-around SUV. According to CnEVPost, the operations in Nio’s factory in the Anhui province were halted for 5 days as a part of the manufacturing process upgrade aimed at boosting the efficiency and speed at which new vehicles are produced. The factory is now able to produce 300 ES6 vehicles per day, with workers working double-shift schedules.

Another factor that could have sparked the recent shift in investor sentiment is the significant week-over-week increase in the number of Nio’s insurance registrations, which grew from 3,300 in the week ending on August 13 to 4,100 in the week ending on August 20.

The number of Nio’s registrations increased to 4,100 in the week ending on August 20, up 22% from the week prior. Image source: CnEVPost

Wall Street analysts believe Nio stock price will increase +18% in the next 12 months

According to the data tracked by the trading analytics platform TipRanks, 7 out of 12 Wall Street analysts believe NIO is a good stock to buy at its current price. Additionally, the 5 remaining analysts believe that holding NIO is the best course of action. Interestingly, none of the analysts think that selling NIO is a good idea right now. On average, the analysts, which include the likes of Goldman Sachs, JPMorgan and Bank of America, forecast a price of $12.95 for August 2024. The highest price target the analysts predict is $19.20. 

Shark harmonic pattern still on track $NIO. Adding more at 11.67 level if it goes there. Target 20 pic.twitter.com/m3oAWsAZzh

— Harmonic Patterns (@AltcoinGem) August 15, 2023

A stock and forex trader who goes by the name of Harmonic Patterns on the X platform shares Wall Street’s bullish sentiment for Nio. They believe that NIO is primed to reach the $20 price target as long as the stock manages to break the resistance at the $11.67 level. It is worth noting that the stock reached a daily intraday high of $11.17 yesterday.

CoinCodex’s Nio stock price prediction algorithm is also forecasting a rally for the price of NIO in the short to medium term. According to the algorithm, the price of NIO will increase to $14.78 by the end of 2023 and improve by +224% by next August, surpassing the $35 mark in the process.

Our algorithm forecasts NIO stock price will grow by +224% to $35.55 by August 2024.

While that’s still a far cry from the ATH of roughly $67 the NIO stock reached in 2021, there are several growth catalysts that could help Nio improve its standing in the growing EV market in the long term. While NIO reaching $1,000 per share that some investors are hoping for might be a bit of a stretch, the company’s expanding market share, which is expected to grow by over +50% by 2028, might have a big positive impact on Nio’s stock price.