Nio is an electric car marker based in China. I’ve been watching the stock for a while. Today there was 2 big news items about the company.
Nio announced today that they were teaming with Nvidia to make a new generation of electric cars. Google this story for more info.
Also JPMorgan raised NIO’s price target from $50 to $75.
I bought 100 shares of NIO at $63.75 for a Grasshopper Trade. This will be part of a Covered Call. I haven’t sold a Call yet, I’d like to see the stock go up a little more.
Buy 100 Shares NIO @ $63.75
Watch for me selling a 1 contract Call.
This is a $63.75 stock and might be a little expensive for a smaller account but to buy 100 shares it was only $6375.
I also bought another 1000 shares of NIO for my trading account. These shares I paid a little more because I bought in the pre-market. It was up but dropped down when the market opened. This is when I bought the Grasshopper shares.
Buy 1000 shares NIO @ $65.40
I’ll be selling shares on both of these purchases.
Successful trading,
Steve
The Options Coach