Nikola Stock Thunders Ahead After Impressive Q3 Electric Truck Deliveries, Attracts Retail Spotlight

Shares of Nikola Inc. (NKLA) surged 20% on Wednesday after the company provided an optimistic third-quarter update, drawing a surge of attention from retail investors.

Nikola reported selling 88 Class 8 hydrogen fuel cell electric trucks in Q3, a 22% increase from the previous quarter, meeting its guidance of 80 to 100 units.

With 200 hydrogen trucks sold so far in 2024, Nikola is shifting momentum despite a tough year.

"This is a record sales quarter for Nikola, with 88 hydrogen fuel cell electric trucks wholesaled to our dealers for end customers, as well as the addition of a first-ever U.S. dealer-based HYLA modular refueling station," said Nikola CEO Steve Girsky.

Retail interest spiked on Stocktwits, where message volume for Nikola jumped to ‘extremely high’ levels (83/100), marking the second-highest volume of the year.

Some watchers were also bullish on potential gains from the U.S. Department of Energy’s recent $1.2 billion investment in hydrogen technologies, which could further support Nikola’s expansion.

Despite the recent rally, Nikola’s stock remains down nearly 80% year-to-date, impacted by broader EV market struggles and a major recall of its battery-electric trucks due to fire risks.

However, the company’s pivot to hydrogen-powered vehicles and steady orders are offering signs of recovery.

This positive Q3 update follows strong second-quarter results in August, when Nikola topped Wall Street’s revenue expectations with $31.32 million and posted a smaller-than-expected loss of $2.67 per share.

Analysts now anticipate a reduced loss of $2.30 per share and revenue rising to $37 million for the current quarter, adding to the stock’s bullish outlook.

Read next: Joby Aviation Stock Takes Off As Toyota Pledges $500M More To Fuel Electric Air Taxi Ambitions: Retail’s Charged Up

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