While most eyes were on the US election, Chinese electric vehicle maker Nio (NIO) is off to the races. NIO’s stock price has climbed over 37% this past week and is up a whopping 838% for the year. The company recently announced strong October sales and better than expected growth. At least one analyst expects the company to be profitable by 2022.
Options action in NIO has been brisk, with quite a bit of call buying for November and beyond. It seems traders are willing to pay up for short-term calls as the stock continues to rocket higher.