Nikola Stock Is Rising: What's Going On?

Nikola Corp. shares are trading higher on Monday, last up nearly 20%. The company is due to report earnings later this week. Here’s what you need to know.

What To Know: Nikola shares are rising to kick off earnings week. The EV maker is scheduled to report third-quarter financial results before the market opens on Thursday.

Analysts expect Nikola to report a loss of $2.35 per share and revenues of $37.23 million for the third quarter, according to Benzinga Pro.

For the second quarter, Nikola reported sales of $31.3 million, up from $15.4 million a year earlier, beating analyst estimates of $24.7 million. The company reported a second-quarter adjusted loss of $2.67 per share, better than analyst forecasts for a loss of $2.78 per share.

Nikola already reported preliminary truck sales data at the beginning of the month. The company said it sold 88 Class 8 hydrogen fuel cell electric trucks to North American customers in the third quarter, in line with guidance to deliver between 80 and 100 units. Nikola noted that it has wholesaled 200 hydrogen trucks year-to-date and a total of 235 trucks since the model's launch in late 2023.

“This is a record sales quarter for Nikola, with 88 hydrogen fuel cell electric trucks wholesaled to our dealers for end customers, as well as the addition of a first-ever U.S. dealer-based HYLA modular refueling station,” said Steve Girsky, CEO of Nikola

“Despite overall market headwinds, Nikola remains focused on our mission to pioneer solutions for a zero-emission world, and we’re doing it one truck at a time.”

Nikola’s average session volume over a 100-day period is about 2.97 million, according to Benzinga Pro. Monday’s trading volume has already crossed the 8.9 million level. It’s worth noting that small caps are leading the rally on Wall Street on Monday with the Russell 2000 Index up approximately 1.55% at last check.

NKLA Price Action: Nikola shares were up by 19.9% at $5.30 at the time of writing, according to Benzinga Pro.

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Photo: courtesy of Nikola.