What's Going On With Nikola Corporation Stock Today?

Nikola Corp NKLA shares are trading lower by 7.6% to $0.90 Friday morning, despite a lack of company-specific news for the session. The stock may be experiencing weakness following last week's earnings report.

Nikola shares may also be trading lower in sympathy with peer hydrogen-related company Plug Power Inc PLUG after the company reported worse-than-expected third-quarter financial results.

Investors in the hydrogen industry may react similarly to negative news about one company, leading to a broader sell-off.

This is particularly true if there's a perception that challenges faced by one company, such as Plug Power, reflect broader issues within the industry.

Investor sentiment can have a contagious effect on other stocks in the same sector.

What Happened With NKLA Earnings?

The company last week reported disappointing sales results, primarily due to a lack of truck production and only 3 truck shipments in the quarter.

Despite receiving orders for 277 hydrogen fuel cell electric trucks and 47 battery-electric trucks, the company posted a large gross loss of $125.5 million, expanded EBITDA loss of $188.6 million and an adjusted EPS loss of 30 cents, missing consensus estimates.

Nikola also anticipates increased expenses due to a truck recall, which will raise the necessary capital to achieve profitability by 2025, according to Reuters.

See Also: What's Going On With FuelCell Energy Stock?

According to data from Benzinga Pro, Nikola has a 52-week high of $3.71 and a 52-week low of $0.52.