Chinese e-scooter maker Niu Technologies (NASDAQ:NIU) is not a well-known name in the EV space but has delivered several units over the past few months. Wall Street analysts expect the stock to double in price in the near term. So, read on for details on why this stock could be a good addition to one’s watchlist.Beijing, China-based Niu Technologies (NIU) is a smart urban mobility solutions provider. The company’s offerings include NQi, MQi, UQi, and NIU Aero. It has expanded into 38 countries with retail stores across cities in Asia, Europe, and Latin America. For its fiscal third quarter, ended September 30, 2021, its revenue increased 37.1% year-over-year to $190.33 million, while its net income came in at $14.23 million, up 14.6% year-over-year. Also, its total volume of e-scooter sales increased 58.3% year-over-year to 397,079 units.
But the stock declined in price after the company reported its third-quarter financials on November 22 because its revenue and EPS failed to meet analysts’ expectations. The stock has declined 35.1% in price over the past month to close yesterday’s trading session at $17.07.
Nevertheless, NIU provided a positive outlook for the fourth quarter. Its revenue is expected to be between RMB 840 million ($131.93 million) and RMB 910 million ($142.92 million) in the fourth quarter. The company also expects the current difficulties in international shipping to improve in the current quarter.