Why Nikola Stock Is Moving Higher Monday

Nikola Corp NKLA shares are trading higher Monday amid strength in clean energy stocks, which is being driven by better-than-expected delivery numbers from Tesla Inc TSLA.

TSLA Q2 Deliveries: Tesla produced 479,700 vehicles in the second quarter, up from 440,808 vehicles in the first quarter. The EV maker delivered 466,140 vehicles, up from 422,875 in the first quarter. 

Tesla's second-quarter deliveries consisted of 446,915 Model 3 and Model Y vehicles and just 19,225 Model S and Model X vehicles. Tesla's quarterly delivery numbers were up more than 83% year-over-year. 

Analysts and investors still need to get a look at margin and profitability data in order to understand the whole story. Tesla is set to report its second-quarter financial results after the market close on July 19. 

Following Tesla's delivery update, Wedbush analyst Dan Ives reiterated Tesla with an Outperform rating and a $300 price target. Citigroup analyst Itay Michaeli reiterated Tesla with a Neutral rating and a $215 price target. Tesla shares were up 5.93% at $277.32 at last check, per Benzinga Pro. 

See Also: Tesla Analyst Gary Black Flags Key Concern Amid Q2 Delivery Cheer: 'I Would Much Prefer...'

Nikola is a designer and manufacturer of zero-emission battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems and hydrogen station infrastructure.

NKLA Price Action: Nikola shares are up more than 130% over the last month.

The stock was up 5.01% at $1.46 at time of publication, according to Benzinga Pro.

Photo: courtesy of Nikola.