What's Going On With Nio Stock This Week?

NIO Inc NIO shares have been trending lower since reporting earnings this week. The stock closed down 1.18% on Tuesday and more than 2% on Wednesday before finding its footing. Here's a look at what's going on.

What To Know: Earlier this week, Nio reported second-quarter revenue of $1.21 billion, which missed the consensus estimate of $1.35 billion, according to data from Benzinga Pro. The company reported a quarterly loss of 45 cents per ADS, which missed estimates for a loss of 36 cents per ADS. 

Nio said vehicle deliveries in the quarter totaled 23,520, which was down 24% sequentially and down 6% on a year-over-year basis. 

Following the print, multiple analysts lowered price targets. On Wednesday, BofA Securities, Mizuho and Berstein all cut price targets, ranging from $8 to $18. JPMorgan was the lone firm to lift its target, but it only raised it to $10.50, which is below current levels.

Despite turning in worse-than-expected results, Nio provided optimistic commentary on the coming months. The China-based EV maker guided for third-quarter revenue of $2.61 billion to $2.69 billion versus estimates of $2.44 billion. The company said it expects third-quarter deliveries to be between 55,000 and 57,000. 

"Attributed to the product transition based on the NT2.0 Platform, coupled with the expansion of our power network and the strengthening of our sales capabilities, we expect a solid growth in vehicle deliveries in the second half of 2023," said William Bin Li, founder, chairman and CEO of Nio.

Nio provides production and delivery numbers on a monthly basis. Investors should get a look at numbers for August in the coming days.

See Also: Nio's Secret Sauce? Why Chinese EV Maker Is Poaching Sales Talent From BMW, Mercedes, Audi

NIO Price Action: Nio shares were up 0.27% at $10.70 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nio.