Is NIO Stock a Buy Now?

$NIO Inc(NIO.US)$stock is trading at an EV/NTM Revenue of 7.9x. It has come a long way down from its January highs. Moreover, it's also just about 14% above its 3Y mean. Therefore, I believe that NIO stock's valuation seems attractive now. It's a much stronger company than it was three years ago. In addition, it has also significantly improved its operating leverage. Coupled with strong secular drivers underpinning its rapid growth ahead, I believe long-term investors would do well to sit on it. If NIO can continue to build on its delivery cadence, I think that the stock will be re-rated moving ahead in FY22. Therefore, investors should capitalize on its weakness now to add NIO stock to their portfolios.