Why Nikola Stock Moved Down Then Up Ahead of Tomorrow's Earnings

Nikola (NASDAQ: NKLA) shares have been on a downtrend the past week, and those declines continued early today. The stock was off as much as almost 5% at its lows of the day, bringing its five-day drop to over 10% at that point. But a late afternoon rally has the shares up 1.9% as of 3:25 p.m. ET. Today's moves come just ahead of the company's quarterly report.

Nikola will provide its 2022 first-quarter update for investors tomorrow before the market opens, and hold a conference call at 9:30 a.m. ET. In its last report for the fourth quarter and full year 2021, the company detailed out the first meaningful revenue forecast in its short history. Investors will focus on whether that projection stands, along with updates on the longer-term projects.

Source Fool.com