Nikola Stock Is Moving Wednesday: What's Going On?

Nikola Corp NKLA shares are trading slightly higher Wednesday after rising more than 8.5% on Tuesday. The stock appears to be moving on continued momentum after the EV maker announced this week that it sold more trucks than it expected in the second quarter.

What Happened: Nikola said it wholesaled 72 Class 8 hydrogen fuel cells trucks in the second quarter, which was above the high end of its truck sales guidance of 60 units. The company added that 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 strength in Nikola shares over the past two days comes after Nikola stock hit new all-time lows and closed down nearly 10% on Monday on continued weakness following a reverse stock split that went into effect last week. Nikola shares are down approximately 70% since the start of the year. Nikola's board recently approved a 1-for-30 reverse stock split to comply with Nasdaq rules for continued listing.

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Is NKLA A Good Stock To Buy?

Wall Street analysts view Nikola on the whole as a Neutral, given the history of coverage over the past three months. Michael Shlisky from DA Davidson is the most optimistic, expecting a 2,900% rise in the stock in the coming year.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past three months, Nikola fell 72.37%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which fell 32.56% over the past year.

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NKLA Price Action: Nikola shares closed Tuesday up 8.65%. The stock was up another 2.11% at $8.21 on Wednesday, per Benzinga Pro.

Photo: courtesy of Nikola.