Disappointing Q2 Results Drag EV Stock

The security is down more than 50% year-over-year

Digital Content Manager

Aug 29, 2023 at 10:15 AM

Nio Inc (NYSE:NIO) earlier announced worse-than-expected second-quarter losses and revenue. The electric vehicle (EV) name also saw its delivery numbers dwindle year over year, and issued a fiscal third-quarter revenue outlook that was below analysts' estimates. At last check, NIO was down 7.9% at $10.15.

Today's bear gap early sent the security below a floor at the $10 level, and it's on track close below its 80-day moving average for the first time since June. Nio stock is a far cry from this year's Aug. 4 high of $16.18, and is down nearly 50% over the last 12 months.

Overall options volume is already running at six times the intraday average amount, with 100,000 calls and 51,000 puts traded so far. Most active is the weekly 9/1 9.50-strike put, where positions are being opened. NIO is also on the short sale restricted (SSR) list today.

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