Nio Inc (NYSE:NIO) stock has turned lower after opening with slight gains this morning. What’s more interesting is that the stock failed to cross its 50-day moving average of $41.51.
At the time of writing, NIO stock is down by 5.40% at $38.98, near to session low of $38.73.
Today after the market close, China’s Tesla is all set to report its first quarter earnings. On an average analysts are estimating the company to trim its loss to 16 cents from 25 cents a year ago. Revenue is seen to grow 423% to $1.02 billion.
In Q1, Nio delivered a record 20,060 electric SUVs, up 423% year over year. It faced easy comparisons after a hit to sales from the coronavirus pandemic in Q1 2020.
Despite the recent downtrend, NIO stock has given wonderful wealth to its investors over the past year. The stock has clocked gains of 1200% in just one year. In fact, a year ago, the stock was penny stock as it was trading under $5.
So today’s earnings could be a big catalyst for NIO stock. The stock has support at around $36 level (200-Day moving average), while hurdle could be seen at its 50-day moving average of $41.51.