What's Going On With Nikola Stock Tuesday?

Nikola Corp NKLA shares are trading higher after falling close to 10% on Monday. The company announced Tuesday that it sold more trucks than it expected to in the second quarter.

What Happened: Nikola said it wholesaled 72 Class 8 hydrogen fuel cells trucks in the second quarter, above the high end of its truck sales guidance of 60 units. The company said it wholesaled a total of 112 trucks in the first half of the year.

“We have maintained our 2024 momentum with solid wholesale numbers, new customers such as Walmart Canada, and repeat customers like 4GEN and IMC, purchasing vehicles through our dealer network,” said Steve Girsky, CEO of Nikola.

“We are firmly on the field and are continuing to secure our first-mover advantage in zero-emissions Class 8 trucks in North America, as well as with our HYLA hydrogen refueling solutions.”

The sales update comes after Nikola shares closed Monday down 9.65% on continued weakness following a reverse stock split that went into effect last week. Nikola’s board approved a 1-for-30 reverse stock split to comply with Nasdaq rules for continued listing.

Nikola shares hit new all-time lows on Monday. The stock is now down more than 71% since the start of the year.

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How To Buy NKLA Stock

By now you're likely curious about how to participate in the market for Nikola – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy ‘fractional shares,' which allows you to own portions of stock without buying an entire share. In the case of Nikola, which is trading at $7.40 as of publishing time, $100 would buy you 13.51 shares of stock.

If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to ‘go short' a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

NKLA Price Action: Nikola shares were up 4.58% at $7.73 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nikola.