NKLA - Nikola rallies after investor event

Nikola Corporation (NASDAQ:NKLA) rallied after the company held its Analyst Day event late on Wednesday. The company reiterated plans to deliver 300 to 500 Tre BEV trucks this year with batteries being the key limiter. Nikola (NKLA) noted that it faces significant headwinds in the near-term and reiterated its gross margin expectation for a range of -60% to -75% this year. JPMorgan said the key takeaways from the event were that customer interest in Nikola’s BEVs/FCEVs appears high, Nikola’s hydrogen ecosystem is evolving to represents an emerging market opportunity and and Nikola is likely to need to raise significant capital later this year with the cash burn rate high. The firm kept a Neutral rating in place on Nikola (NKLA) and price target of $10. Analyst Bill Peterson: "NKLA stock trades on high multiples of distant-future revenue and EBITDA, which assume successful execution of a multiyear strategy that takes the company

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Nikola rallies after investor event