Niu Technologies (NIU) has released vehicle delivery figures for the fourth quarter and full-year 2021. Shares of the company declined 5.1% on Tuesday but rose 1.2% in the extended trading session.
NIU, a leading Chinese EV stock, engages in the provision of urban mobility solutions. It is involved in the design, manufacture and sale of lithium-ion battery-powered e-scooters.
The company disclosed that it sold 238,188 units, including e-motorcycles, e-mopeds, kick-scooters and e-bikes, in the fourth quarter of 2021, up 58.3% from the year-ago quarter. Moreover, total deliveries in 2021 surged 72.5% year-over-year to 1,037,914 units.
The company sold 205,239 units in China market, which reflects a 49.2% increase from the year-ago quarter. The upside can be attributed to retail network expansion and promotion activities. The company also added 422 new stores in China during the third quarter.
Meanwhile, units shipped to the international markets rose 155.8% year-over-year to 32,949. The increase was due to strong demand for newly rolled out advanced e-motorcycles and accretionary kick-scooters.
Wall Street’s Take
Last month, Needham analyst Vincent Yu maintained a Buy rating on NIU with a price target of $46 (191.1% upside potential).
Yu expects the company to record a loss of $0.02 per share in the fourth quarter of 2021.
The stock has a Moderate Buy consensus rating based on 2 Buys. The average Niu price target of $38.50 implies 143.7% upside potential from current levels.
TipRanks data shows that financial blogger opinions are 100% Bullish on NIU, compared to the sector average of 71%.
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