Nikola (NASDAQ:NKLA) Gains on Q3 Numbers
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Nikola (NASDAQ:NKLA) Gains on Q3 Numbers

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Nikola delivered three trucks in Q3 and expects to deliver 30 to 50 trucks in the upcoming quarter. The company’s bottom line, however, continues to be in the red.

Nikola (NASDAQ:NKLA) shares are up nearly 6% in morning trading today after the hydrogen fuel cell electric vehicle manufacturer announced its third-quarter results. The company shipped three trucks during the quarter.

Its revenue declined from $24.2 million in the year-ago period to -$1.7 million, and net loss widened to $425.7 million from $236.2 million in the year-ago quarter. Consequently, EPS of $0.30 came in wider than expectations by $0.16.

The company raised $250 million in the third quarter and is witnessing healthy demand for its zero-emissions trucks, with purchase orders for 47 trucks from a dealer during the quarter. So far, Nikola and its dealers have received 277 non-binding orders for its trucks from 35 customers.

For the upcoming quarter, the company anticipates revenue to be in the range of $11.25 million to $18.75 million on an estimated 30 to 50 truck deliveries. Gros margin for the quarter is seen hovering between -215% to -135%.

What Is the Future of Nikola Stock?

Despite today’s price gains, Nikola shares remain 26% lower over the past month and 69% lower over the past year. Overall, the Street has a Hold consensus rating on Nikola. The average NKLA price target of $2.50 implies a mega 120.26% potential upside.

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