Nikola Stock Has Been Volatile This Week: What's Going On?

Zinger Key Points
  • Nikola shares have been trending higher since the company announced that it sold more trucks than it expected to in the second quarter.
  • The bounce back in Nikola shares comes with the stock down more than 60% since the start of the year.
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Nikola Corp NKLA shares have been volatile to start the week. The stock is trading slightly higher Wednesday after falling more than 7% on Tuesday. Here’s what you need to know.

What To Know: Nikola shares have been trending higher on upward momentum since the company announced last week that it sold more trucks than it expected to in the second quarter. The EV stock added 16% on Monday and now appears to be trying to regain its footing after taking a breather on Tuesday.

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 also noted 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

The bounce back in Nikola shares comes with the stock down more than 60% since the start of the year and nearly 77% over a one-year period. The stock continues to see positive momentum in July after it hit all-time lows last month following a 1-for-30 reverse stock split to comply with Nasdaq requirements for continued listing.

Nikola on Tuesday scheduled its second-quarter earnings call for Aug. 9. The EV maker is expected to report a loss of $2.80 per share and revenue of $25.688 million, according to estimates from Benzinga Pro.

Check This Out: As Tesla Surges 44% In 10 Sessions, Bearish Analyst Smells Stock Manipulation: ‘They Keep Buying Puts To Cause Inorganic Buying’

NKLA Price Action: Nikola shares were down 1.96% at $9.559 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nikola.

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