What's Going On With Nikola Stock?

Nikola Corporation NKLA shares are trading higher Monday, and the stock gained more than 10% during Friday's session. Here's a look at what's going on.

What To Know:

Electric vehicle stocks drove higher last week after several companies reported better-than-expected second-quarter vehicle delivery figures. Tesla, Inc. TSLA stock rallied more than 30% last week, driving much of the action. 

Nikola reported it wholesaled 72 Class 8 hydrogen fuel cells trucks in the second quarter, above the company's own estimate. 

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"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.

Nikola effected a 1-for-30 reverse stock split at the end of June which sent the stock spiraling to all-time lows. The stock has gained more than 20% over the past five days, but remains down by 30% over the past month. 

Should I Sell My NKLA Stock?

When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.

Shares of Nikola have decreased by 77.74% in the past year. An investor who bought shares of Nikola at the beginning of the year would take a loss of $15.14 per share if they sold it today. The stock has fallen 33.68% over the past month, meaning an investor who bought shares on June1 would see a capital loss of $6.05.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Nikola stock currently has an RSI of 47.63, indicating neutral conditions.

For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.

NKLA Price Action: According to Benzinga Pro, Nikola shares are up 12.9% at $10.15 at the time of publication Monday.

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Image: Courtesy of Nikola Corporation