10 Best Artificial Intelligence Stocks to Buy Under $10

3. Nio Inc. (NYSE:NIO)

Number of Hedge Fund Holders: 19

Stock Price: $4.37

Nio Inc. (NYSE:NIO) is a major player in China’s electric vehicle (EV) market, offering a comprehensive ecosystem that extends far beyond just the car itself. The company’s lineup includes premium electric SUVs in both 5 and 6-seater configurations, alongside sleek electric sedans. Nio Inc. (NYSE:NIO) is headquartered in Shanghai.

Nio Inc. (NYSE:NIO) reported positive year-over-year improvements in its first quarter of 2024. The gross profit rose by 200.5% year-over-year to RMB 487.7 million. Furthermore, Nio Inc. (NYSE:NIO) maintains a strong cash position with over RMB 45.3 billion available, ensuring a solid foundation for future investments and growth initiatives.

Analysts are optimistic about Nio Inc.’s (NYSE:NIO) future prospects, giving it a current rating of Moderate Buy. This assessment is based on evaluations from 12 analysts in the past 3 months. The 12-month price target for the company sits at $6.19, representing a potential upside of over 40% from the last closing price.

At the end of Q1 2024, 19 hedge funds reported owning a stake in Nio Inc. (NYSE:NIO), making it one of the best artificial intelligence stocks to buy now.