Nio Is Now Down 58% From Its High. Is It a Buy?
Shares of Nio (NYSE: NIO) set their all-time high back on Jan. 11, when they traded at $66.99 at some point during the day. As I write this at 2 p.m. ET on Monday, the stock is down about 58% from that all-time high. (If you prefer to measure from closing prices, it's down just over 55% from its highest-ever close of $62.84, set on Feb. 9. Either way, not good.)
Clearly it has been a rough year for Nio, which has been hit by COVID-19 shutdowns, supply chain challenges, and a lull in its new-product cycle that allowed competitors to gain ground.
That lull will end soon. Nio will begin shipping its long-awaited ET7 sedan in March, followed in September by the one-size-down ET5, which was revealed on Saturday. Meanwhile, its order books remain strong, its customer satisfaction is high, and there are signs that it may have put the worst of the supply chain woes in the rearview mirror.
Source Fool.com
