The last time we weighed in on Nio Inc. (NIO), it traded at $33.95 at the open on Nov. 2.

This morning, it’s up to $47.15 in pre-market – a return of nearly 40% in weeks.  With patience, this could be a $60 stock, near-term as growth picks up big momentum.

Just last night, it noted adjusted loss came in at 12 cents, as compared to expectations for 18 cents.  Revenue of $666.6 million beat $663.29 million.  And gross margins came in at 12.9% a compared to expectations for 11.25%.  Better, with Q4 2020 guidance, the company expects to deliver between 16,500 and 17,000 vehicles.

“We’re very happy with both the delivery results as well as our financial revenue growth, but more importantly this quarter we also achieved our first ever positive gross margin for the company so I think all very exciting,“ Xpeng Vice Chairman and President Brian Gu said, as quoted by Yahoo Finance.

With a good deal of momentum here, $60 won’t be far off, in our opinion.