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Chinese electric-vehicle stocks are on fire as short-seller Citron targets NIO
Citron Research, the famous short-seller, pulls the plug on its recommendation on NIO about two years after making a surprising bullish call on the Chinese EV automaker.
"Two years ago, NIO was trading at just $7 when Citron recommended buying the stock as the company and its charismatic leader William Li intrigued us...It is time for investors to rotate out of NIO, enjoy your profits and look for the next disruptive technology," the firm said in its report. And the short-seller set a price target for NIO stock at $25 on Friday.
It's worth mentioning that two years ago, NIO was trading at just $7 when Citron recommended buying the stock, and then it soared to $50.