Niu Technologies (NIU) has disclosed that it sold 397,079 e-scooters in the third quarter of 2021, up 58.3% from the year-ago quarter. Moreover, total deliveries in the first three quarters of 2021 surged 77.2% year-over-year to 799,726 units.
Niu engages in the provision of urban mobility solutions. It is involved in the design, manufacture and sale of lithium-ion battery-powered e-scooters. (See Niu stock chart on TipRanks)
The company sold 392,112 e-scooters in China market, which reflects a 59.9% increase from the year-ago quarter. The upside can be attributed to retail network expansion and promotion activities. The company also added 320 new stores in China during the third quarter.
Meanwhile, units shipped to the international markets declined 11.2% year-over-year to 4,967. The decline was due to the resurgence of COVID-19 in Europe during the quarter and the hurdles in ocean freight shipping.
Furthermore, Niu revealed that it received the order of more than 15,000 units during the third quarter for its newly launched kick-scooter, KQi3. (See Insiders’ Hot Stocks on TipRanks)
Two months ago, Needham analyst Vincent Yu assigned a Buy rating to the stock with a price target of $46, implying 83.1% upside potential from current levels.
Yu said, “Going into 2H, we are optimistic about Niu’s unit sales growth on its aggressive store opening plans and fully upgraded product lines which cover the higher-tier city users who plan to upgrade vehicles on regulation implementation. Uncertainties caused by global shipping constraints and changes in raw material costs may continue, in our view.”
The stock has a Hold consensus rating based on 1 Buy and 1 Sell. The average Niu price target of $30.50 implies 21.4% upside potential from current levels.
TipRanks data shows that financial blogger opinions are 100% Bullish on NIU, compared to the sector average of 74%.