NIO Rises on Record-Breaking Deliveries

Nio stock hit a record high in vehicle deliveries for May

The shares of Nio Inc (NYSE:NIO) are up 5.2% at $5.89 at last check, following a report on May deliveries and an announcement by chief financial officer Steven Feng that the company expects to achieve its second-quarter delivery goal. The China-based electric vehicle manufacturer delivered 3,436 vehicles in May, a record high, which led to a hefty 215.5% delivery growth in the past year. From a technical standpoint, NIO has been soaring on the charts, up 39% in 2020, with today's surge sending the stock to a fresh annual high of $6.20.

Analysts are hesitant on NIO heading into today, with five out of six in coverage sporting a tepid "hold" recommendation. Meanwhile, the stock's 12-month consensus price target of $4.75 is a 22.8% discount to current levels, meaning a round of upgrades and/or price-target hikes may be in Nio stock's future.

The options pits, however, are looking far more optimistic. In the past 10 days, 6.65 calls have been bought for every put at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio sits 79% higher than all other readings from the past year, meaning traders are especially call-heavy as of late.