Nio’s stock pulls back, after soaring about 15% the previous session

Shares of Nio Inc.
pulled back 1.5% in premarket trading Friday, after soaring 14.8% the previous session, which was the biggest one-day gain since it rocketed 17.4% on March. 9. Thursday’s rally in the China-based electric vehicle maker’s stock occurred despite no releases or filings from the company, and followed a 3-day losing streak in which shed 6.5% to close Wednesday at $28.25, or just above the Dec. 20 14-month closing low of $28.16. Nio’s stock has underperformed its China-based EV-maker peers by a wide margin in 2021, as it has shed 33.5% while shares of XPeng Inc.
have climbed 14.2% and Li Auto Inc.
have gained 10.8%. Meanwhile, Tesla Inc.’s stock
has soared 51.7% year to date and the S&P 500
has advanced 27.2%. Based on the latest exchange data, short interest in Nio’s stock as a percent of float, or publicly tradeable shares, was 3.78%, compared with 2.52% for XPeng, 3.04% for Li Auto and 3.2% for Tesla.