Momentum continues as Nikola (NKLA) gains in pre-market

Shares of electric trucking company, Nikola (NASDAQ: NKLA) soared nearly 61% (a more than four-month high) Thursday during the company’s busiest trading session on record. The company’s trading momentum continued into Friday as the company was up as much as 20% in pre-market trading.

According to a J.P.Morgan tracker, Nikola was also the most traded stock among retail traders after Tesla (NASDAQ: TSLA) in the previous session.

"We expect the more aggressive retail punters to add wagers in out-of-the-money call options in EV companies and other high-beta retail favorites during this reporting season," Lucas Mantle, analyst at Vanda Research, wrote in a note.

The automaker revealed Thursday that they had made deals with BayoTech and Bosch. BayoTech has agreed to purchase up to 50 of Nikola’s Class 8 hydrogen fuel cell trucks, while Nikola pledged to purchasing up to 10 of BayoTech's HyFill hydrogen transport trailers.

Additionally, Bosch announced during its 2023 Tech Day event that the engineering company would begin volume production of its fuel-cell power modules, with Nikola serving as Bosch’s pilot customer.

Shares of NKLA are up 20.7% in pre-market trading on Friday.

By Michael Elkins | [email protected]

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