NKLA - Why Nikola's Stock Is Moving in Reverse Today
While it had moved moderately higher since the start of the new year, shares of Nikola (NASDAQ: NKLA) are driving lower, resulting in the stock landing in the red so far for 2023. The EV truck manufacturer reported fourth-quarter 2022 earnings today, and investors clearly aren't charged up about the results.
As of 11:40 a.m. ET, shares of Nikola are down 7.7%.
Failing to meet top-line estimates, Nikola reported revenue of $6.6 million, considerably lower than the $32.3 consensus among analysts. While Nikola beat bottom-line estimates and reported an adjusted loss per share of $0.36 (analysts expected the company to report a $0.43 loss per share), it wasn't enough to overshadow the shortcoming in sales.
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Why Nikola's Stock Is Moving in Reverse Today