Nikola falls despite earnings beat; here’s how the stock is doing – Yahoo Finance

Nikola’s (NLKA) stock is trading lower on Tuesday despite a second quarter beat. The electric and hydrogen truck startup posted the following results compared to Bloomberg’s consensus estimates for the quarter ending in June.

Adjusted earnings (loss) per share: -20 cents vs estimates of -30 cents

Adjusted Ebitda loss: $73.90 million compared to an estimated loss of $116.9 million

“We have had continued success in commissioning and validating the Nikola Tre BEVs, completed both our Ulm, Germany and Phase 0.5 of our Coolidge, Arizona manufacturing facilities,” said Nikola’s CEO Mark Russell in a statement. 

He also highlighted Nikola’s acquisition of a 20% stake in the Wabash Valley Resources clean hydrogen project in Indiana.

The stock is lower after Russell said during the quarterly results conference call that supply chain issues are getting more acute and the company is expriencing delays in receiving numerous parts. 

Nikola’s founder Trevor Milton was recently indicted for allegedly making false statements to investors about the electric vehicle company. The stock sank about 10% on the day prosecutors charged Milton. “Trevor Milton is innocent,” his lawyers said in a statement.

Nikola went public in 2020 via a SPAC and soon after began facing questions and scrutiny over its production and promises to investors. 

The company’s stock had reached all time highs last year amid investor buzz over the EV industry and following a partnership announcement with General Motors (GM). That deal was later slimmed down after a scathing short seller report from Hindenburg Research against Nikola and its founder. The company initially denied Hindenburg’s claims. Later that month Milton stepped down as executive chairman and closed the twitter account he had been using to communicate with shareholders and tout Nikola.

Earlier this year the company said in an internal review Nikola and Milton had made several false statements. Year to date the stock is down about 26%. 

Yahoo Finance +

Yahoo Finance +

Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre

Here’s why Tesla’s stock tumbled after Battery Day, and why analysts are still bullish

Nikola calls short-seller report a ‘hit job,’ shares still fall

Tesla analyst is bullish on what the company is doing with its high-priced stock, raises price target to $550

Apple analyst says record-breaking share price rally is about ‘MOMO’ not ‘FOMO’

Tesla shares surge 12% on day of stock split

Sorgente articolo:
Nikola falls despite earnings beat; here’s how the stock is doing – Yahoo Finance

User ID Campaign ID Link
d9a95efa0a2845057476957a427b0499 l-99999996 Conference
d9a95efa0a2845057476957a427b0499 l-99999994 Email Advertising Free Trial
d9a95efa0a2845057476957a427b0499 l-99999982 Cloud Realtime
d9a95efa0a2845057476957a427b0499 l-99999983 Ugo Fiasconaro

Leave a Reply