Nikola soars on increased hydrogen truck deliveries

Electric truck manufacturer Nikola Corporation (NASDAQ:NKLA) saw its shares rise 5.6% to $4.91 in premarket trading today after reporting an increase in hydrogen fuel cell electric truck deliveries.

The company announced that it delivered 88 trucks to dealers in Q3, a notable jump from 72 trucks in the previous quarter.

Nikola had forecasted sales of 80 to 100 units for the quarter.

So far in 2024, the company has delivered a total of 200 hydrogen fuel cell trucks, reflecting its ongoing commitment to expanding its electric vehicle offerings.

Despite this growth, Nikola’s stock remains down approximately 82% year-to-date as of its last close.

Currently, two out of six brokerages rate Nikola’s stock as a "buy" or higher, while four recommend holding the stock.

The median price target, according to data from LSEG, stands at $13.