DDOG - Why Is Nikola (NKLA) Stock Up Today?
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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 that earnings report, Nikola brought in adjusted earnings per share of -25 cents. That’s a narrower loss per share than the -28 cents that Wall Street was expecting. That’s good news even if it’s 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. Yet again, that’s better than the $16.46 billion in revenue analysts were expecting. It’s worth noting that NKLA doesn’t have revenue to compare to for Q2 2021.
Mark Russell, CEO of Nikola, said the following in the earnings 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 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 have been traded. For comparison, the company’s daily average trading volume is about 11.4 million shares.
NKLA is up 4.6% 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
- Datadog (DDOG) Stock Slumps on Disappointing Guidance
- ChemoCentryx (CCXI) Stock Soars 100% on Amgen Acquisition
- What Is Going on With Quoin Pharmaceuticals (QNRX) Stock?
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.
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