Shares of Nio Inc. NIO shot up 12.5% toward an 8-month high in afternoon trading Tuesday, once again reversing course sharply after posting losses earlier in the session.

Published: Jan. 21, 2020 at 1:43 p.m. ET, By Tomi Kilgore

That puts the China-based electric car maker’s stock on track to extend its record win streak to nine sessions.

The stock opened down 1.5% at $4.67, then fell as much as 3.2% to an intraday low of $4.52, before swinging higher.

Nio’s stock was the most actively traded on major U.S. exchanges, with trading volume of 131.7 million shares, compared with the full-day average of about 77.8 million shares.

The stock has now run up 62.3% during its win streak, which is the longest since the company went public in September 2018.

During the streak, the stock has traded in negative territory in six of the sessions before eventually turning higher.

Helping propel Nio’s stock during the streak included upbeat deliveries data, the fact that U.S.-based EV maker Tesla Inc.’s stock TSLA has also been roaring higher and the disclosure that Nio’s largest shareholder, Ballie Gifford & Co., had bumped up its stake in Nio to just over 13% from about 11%.

Nio’s stock has now more than tripled (up 211.0%) over the past three months, while Tesla shares have more than doubled (up 113.8%) and the S&P 500 SPX, +1.44% has gained 10.4%.

Source: www.marketwatch.com