Nio Inc (NYSE:NIO) stock is down 2.4% to trade at $6.24 at last check, after the company announced a second-quarter earnings and revenue miss. While the China-based electric vehicle (EV) maker shared record monthly sales and deliveries, it also faced heightened competition.
While the equity is on track for its third loss in four sessions, it still boasts a 43.6% year-over-year lead. Today, the shares are extending a pullback from an Aug. 26, year-to-date peak of $6.83, but remain above all short- and long-term moving averages amid support from the $6 level.
Drilling down to today's options activity, 139,000 calls and 73,000 puts have been traded so far today, double the volume that is typically seen at this point. The most popular contract is the weekly 9/5 6-strike put, followed by the 6.50-call in that same series.
Short-term options traders have been favoring puts of late, per NIO's Schaeffer's put/call open interest ratio (SOIR) that sits in the 82nd percentile of annual readings. What's more, short interest added 5.4% in the last two reporting periods, and now accounts for 10.3% of the equity's available float.
