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Why Is Nikola (NKLA) Stock Up Today?

  • Nikola (NKLA) stock is rising alongside earnings and other news today.
  • The company beat out several estimates for the second quarter.
  • Nikola also announced plans for three new hydrogen stations.

Nikola (NASDAQ:NKLA) stock is climbing higher on Thursday thanks to the release of its earnings report for the second quarter of 2022 and other news.

Starting with the earnings report, Nikola brought in an adjusted earnings per share (EPS) loss of 25 cents. That’s narrower than the loss per share of 28 cents that Wall Street had expected. This is good news, even if EPS was a wider loss than the 20 cents from the same time last year.

To go along with that, Nikola reported revenue of $18.1 million during the quarter. That also came in better than the $16.5 billion in revenue analysts had expected. NKLA doesn’t have any revenue to compare to for Q2 2021.

Nikola CEO Mark Russell said the following in the report sending NKLA stock higher today.

“Our momentum continued during the second quarter as we began delivering production vehicles to dealers and recognizing revenue from the sale of our Nikola Tre BEVs […] We are committed to executing on our second half milestones.”

Hydrogen News Also Has NKLA Stock Rising Today

In addition to this positive earnings report, NKLA stock is also getting a boost from a hydrogen station update. The company is opening three new hydrogen distribution stations in California. These facilities will be located in Colton, Ontario and the Port of Long Beach.

All of this news has NKLA stock seeing heavy trading today. As of this writing, some 14 million shares are trading hands. For comparison, the company’s daily average trading volume is about 11.4 million shares.

NKLA stock is up 5% as of Thursday morning.

There’s more hot stock market news for traders to dive into below!

InvestorPlace is home to all of the latest stock coverage for Thursday! Among that is what has shares of Datadog (NASDAQ:DDOG), ChemoCentryx (NASDAQ:CCXI) and Quoin Pharmaceuticals (NASDAQ:QNRX) stock moving today. You can find out more at the following links!

More Stock Market News for Thursday

On the date of publication, William White 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.


Article printed from InvestorPlace Media, https://investorplace.com/2022/08/why-is-nikola-nkla-stock-up-today-aug-4/.

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