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Jim Cramer offered a stark recommendation for shareholders of the electric vehicle company NIO Inc. (NYSE:NIO).
What Happened: Cramer recommended selling shares of NIO during CNBC’s Lightning Round on Thursday.
“I would sell,” he said.
Tesla Inc‘s Chinese rival stock has lost 47% of its value since the beginning of this year. The stock closed near its 52-week low of $4.36 on Thursday, according to data from Benzinga Pro.
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Why It Matters: NIO’s market performance has been under scrutiny, with an analyst report from early March highlighting a challenging outlook for the company in 2024. The report flagged concerns over NIO’s shrinking market share, as the electric vehicle deliveries in China continue to decline.
Adding to the company’s challenges, NIO shares were trading lower in mid-March, following a report of a partnership with CATL to extend battery lifespan. Despite this strategic move, which could be seen as a positive development, the market’s reaction was less than favorable, indicating investor concerns over the company’s near-term prospects.
Meanwhile, investors with a lot of money to spend have taken a bullish stance on Nio. On Thursday, Benzinga‘s options scanner spotted 11 uncommon options trades for Nio. Out of all of the special options we uncovered, 4 are puts, for a total amount of $1,109,954, and 7 are calls, for a total amount of $538,156.
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Posted In: NIO
