Electric vehicles have been all the rage lately in the stock and options market. NIO (NIO) has been no exception to this. The company is sometimes called the “Tesla of China” and actually has $1 billion worth of sales already.

However, the huge run up in the stock price gave NIO an extremely high valuation, which prompted Goldman Sachs to downgrade their rating. The share price dropped over 14% on the news. Options trading was of course brisk, but with no obvious direction from options traders, who traded nearly an equal number of calls and puts.