Amid the Q2 reporting season, Nikola stock rose by as much as 21.63% to close at $36.49. After hours, Nikola stock slightly declined by 1.21%, but in the pre-market today, it is 0.49% up, $36.67 per share.
Companies are actively sharing their second-quarter performance results, and today, electric big-rig start-up Nikola Corporation (NASDAQ: NKLA) will release its Q2 report as well. Amid the Q2 report, Nikola stock is growing, and Deutsche Bank says it is an attractive buy right now.
According to the Zacks Consensus Estimate, the consensus mark for Nikola’s second-quarter revenues is pegged at $60,000. The Most Accurate Estimate for the quarter is currently at a loss of $0.13 per share, compared to a broader Zacks Consensus Estimate of a loss of $0.14 per share.
Nikola CEO Trevor Milton gave another hint on the company’s second-quarter financial results. He wrote on his Twitter:
$881,000,000 cash is in our account today with $60MM more left coming in from the warrants, so $940 million dollars in our bank account by end of August. I'd say @nikolamotor is in a great place. Watch where we go by years end! #emissionsgameover
— Trevor Milton (@nikolatrevor) August 3, 2020
Nikola Q2 Report: What to Expect
Amid the Q2 reporting season, Nikola stock rose by as much as 21.63% to close at $36.49. After hours, Nikola stock slightly declined by 1.21%, but in the pre-market today, it is 0.49% up, $36.67 per share.
Deutsche Bank, as well as several other organizations, believes that Nikola’s upcoming business updates would drive its shares higher. According to Deutsche Bank analyst Emmanuel Rosner, there’s a 10% to 20% potential upside in Nikola’s stock in the nearest future.
Rosner has also mentioned last Friday’s 40% fall in Nikola’s stock price from July 20, when the company announced that it expects to issue 23 million new shares over the next few weeks as it redeems warrants given to its early investors. Rosner thinks this new supply of shares has largely been absorbed by the market. Late last week, the stock price appeared to have stabilized. Year-to-date, Nikola stock is 253.59% up.
About Nikola
Nikola Corporation is an American zero-emissions vehicle production company. It designs and manufactures electric components, drivetrains, and vehicles. Its most famous vehicles are Nikola One and Nikola Two electric semi-trucks. Founded in 2014 in Salt Lake City, Utah, U.S., Nikola has three subsidiaries: Nikola Motor Company, Nikola Powersports, and Nikola Energy Company.
In March 2020, Nikola announced its plans to merge with VectoIQ Acquisition Corporation. The deal resulted in the combined company being listed on the Nasdaq exchange with the NKLA ticker symbol. On June 4, Nikola stock began trading on Nasdaq. By June 9, the shares had more than doubled, as investors continued to bet on the growth potential of electric transportation.
At present, Nikola is working on a Nikola Badger pickup truck. It will be available in a battery-electric vehicle with a range of up to 300 miles and a fuel-cell electric vehicle with a 500-750 mile range. On June 29, the company started taking pre-orders for Badger. Pre-order revenues for the vehicle have already helped Nikola to generate more than $10 billion.
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