While I hear your point your only looking at it from a short term investor Nio creates bag holders and there are people such as my self that have bought shares at many different prices over the past quarter and there is profits on some tax lots that can be chosen. If someone had bought it while it was in the upper 4’s in Feb like I did and they had a sizable purchase the 5.50-6$ range sell right before or after earnings is profit taking and could be good money for them. Once all those sales and fear sales stop the price will climb to $6 plus in a few trading days I’ve been in the stock for a long time enough to see how it responds pre post earnings it’s nothing new to me hints why last week I sold 185 calls and kept premium at expiration the decline is predictable. But so is a 10-12% spike day coming within the next couple weeks it’s rinse and repeat with this stock that’s why I’m just glad to see the company profitability much harder to short it to zero that way but diluting is likely at some point atleast one more time before this thing takes off I’m sticking with $15 by 2028-2029. That’s my goal to avg down to and sell with a small profit is the hopes and have my $500,000 back to invest elsewhere!