Dear NIO Stock Fans, Mark Your Calendars for March 1
It’s going to be a big week for electric vehicle (EV) stocks, as a number of companies report earnings. If you’re a Nio (NYSE:NIO) shareholder, mark your calendars for March 1. Nio stock will likely be active tomorrow morning, as i…
It’s going to be a big week for electric vehicle (EV) stocks, as a number of companies report earnings. If you’re a Nio (NYSE:NIO) shareholder, mark your calendars for March 1. Nio stock will likely be active tomorrow morning, as it reports earnings before the open.
With a market capitalization of almost $16 billion, it’s one of the larger pureplay EV stocks out there. However, it won’t be alone.
Rivian (NASDAQ:RIVN) will report on Tuesday after the close. At the time of writing, shares are up close to 6% ahead of the report. When it comes to after-hours trading, it will almost certainly impact Nio stock.
There are more EV companies reporting, though.
Li Auto (NASDAQ:LI) reported earnings on Monday, as did Fisker (NYSE:FSR). Polestar (NASDAQ:PSNY) will report on Thursday, while Plug Power (NASDAQ:PLUG) will report on Wednesday.
As if this all weren’t enough, Tesla (NASDAQ:TSLA) will hold its Investor Day meeting on March 1.
How Will This Impact NIO Stock?
Earnings are an enormous driver for any company, but particularly for volatile holdings like EV stocks. In early 2023, it didn’t matter if EV stocks were doing well, as the market continued to sell them lower and lower. Leading the charge to the downside was Tesla, which was in the midst of a nasty downtrend.
While Tesla stock has been on the mend — recently doubling off the January low — not all EV names have been enjoying the ride, Nio stock among them.
When the automaker reports earnings, investors will be anxious to hear what the company says. Specifically, expectations are low after Nio missed fourth-quarter delivery estimates. Further, there have been demand concerns out of China after Tesla lowered the prices of its vehicles in the country.
However, Nasdaq contributor Richard Saintvilus argued, Nio “can make a strong case for its value by issuing strong guidance for the next quarter and full year.”
That’s a reasonable assessment, given how beaten down Nio stock has become, down for four straight weeks. It will try not to make it a fifth straight week, as it sits just 12.5% above the 52-week low. From here, tomorrow’s earnings will likely play a big role in whether that low is retested or not.
On the date of publication, Bret Kenwell held a long position in TSLA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.
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