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Tuesday, December 27, 2022 10:40:07 AM
By: Schaeffer's Investment Research | December 27, 2022
• Nio has struggled with Covid-19 restrictions and supply chain issues
• It has been a rough year for NIO
Electric vehicle (EV) maker Nio Inc (NYSE:NIO) is down 7.3% to trade at $10.16 at last check, after the China-based company lowered its fourth-quarter delivery outlook to range between 38,500 and 39,500 vehicles. Recent Covid-19 restrictions and supply chain issues have challenged Nio, which experienced a computer systems breach earlier this month that compromised users and vehicle sales data.
It has been a rough year for Nio stock, which has shed 67.4% so far in 2022. The security has chopped lower since its latest rally lost steam at the $14 level, and is pacing for its third-straight daily drop today. A familiar floor at the $9 region looks poised to contain these losses, though.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put volume ratio of 2.35 ranks higher than 77% of readings from the last year, suggesting long calls have been getting picked up at a quicker-than-usual pace. A sentiment shift could create additional headwinds for NIO.
The brokerage bunch has not yet chimed in on today's update, but is optimistic toward the stock. In fact, eight of the 10 firms in coverage boast a "buy" or better rating, wile the 12-month consensus target price of $19.58 is a 90.3% premium to current levels, leaving ample room for downgrades and or price-target cuts.
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Recent NIO News
- NIO Inc. Provides June and Second Quarter 2024 Delivery Update • GlobeNewswire Inc. • 07/01/2024 09:30:03 AM
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- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/24/2024 10:14:54 AM
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- NIO Inc. to Report Unaudited First Quarter 2024 Financial Results on Thursday, June 6, 2024 • GlobeNewswire Inc. • 05/22/2024 09:30:11 AM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 05/21/2024 08:28:12 PM
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