Nikola posts big quarterly loss

Nikola (NKLA.US)—  stock plunged over 15% in pre-market trading after the company posted weaker than expected quarterly results. The hybrid truck manufacturer, which reported results for the first time since its June stock market debut, posted a loss of 16 cents per share on solar revenue of $36,000. While analysts expected loss of 13 cents per share.  “The global pandemic caused disruption in Nikola’s supply chain, but mitigation efforts are underway to reduce the resulting risk to production timelines,” the company said in a statement. “At this time, we believe Nikola’s long-term objectives will be materially unaffected by COVID-19.”The company also said it plans to begin fleet testing Tre electric trucks in 2021.

Nikola (NKLA.US) - during the extended trading, stock price bounced off the 200 MA (redline) and is heading towards support located at $28.43 per share level. Source: xStation5

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