Today’s traders are evidently feeling optimistic about electric vehicle (EV) companies Fisker (NYSE:FSR), Nikola (NASDAQ:NKLA) and Lordstown Motors (NASDAQ:RIDE). Indeed, EV stocks are generally pumping higher as all three of these automakers had recent positive news to report, mostly related to earnings.
It’s a welcome surprise for EV industry investors, as these companies have struggled throughout the year. Today could mark the start of a turnaround as these companies strive to overcome inflation and supply chain disruptions.
Fisker released its second-quarter 2022 results yesterday, and there’s definitely good news in the data. For one thing, Fisker sold out of pre-orders for its limited-edition Ocean One SUV units. Furthermore, the company affirmed its Nov. 17 production date for this vehicle model. So, Fisker’s quarterly net loss of $106 million didn’t seem to bother today’s traders too much.
Then there’s Lordstown Motors, which released its Q2 2022 results today. The automaker marked a milestone moment as Lordstown reported its first-ever quarterly profit. Granted, $120.1 million of the $61.3 million quarterly operating profit came from the sale of the Lordstown facility. Still, it must be a relief for the company’s shareholders to hear about Lordstown Motors turning a profit at all.
Big Moves in EV Stocks Today
The EV market’s biggest news of the day, however, may have come from always-controversial Nikola. The company released its results for 2022’s second quarter today, and Nikola’s $18.1 million in revenue beat Wall Street’s forecast of $16.6 million. Plus, Nikola’s adjusted per-share earnings loss of 25 cents was better than the analyst consensus estimate of a 27-cents-per-share loss.
How did these data points affect EV stocks this morning? There’s no doubt about it: the buyers are fully in control. At time of writing, FSR stock was up 8%, RIDE stock had jumped 23% and NKLA stock spiked 6%. So, as you can see, Wall Street is absolutely electrified over these EV makers’ results today.
On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
