Nikola Corporation ( NKLA ) shares are trading higher Friday. The stock gained 6% after the company reported its first-quarter production results Thursday. Here's a look at what's going on. 

What To Know:

Nikola ( NKLA ) produced 43 and wholesaled 40 Class 8 Nikola ( NKLA ) hydrogen fuel cell EVs in the first quarter of 2024 and announced it has begun to return its battery-electric trucks (BEV) associated with a voluntary recall last year. 

"We are on track for a successful 2024 by continuing the momentum set in 2023,” said Nikola ( NKLA ) CEO Steve Girsky. “It’s about more than just setting goals. It’s about following through on our commitments. This includes not only the production and sale of our hydrogen fuel cell electric trucks but also the start of returns for our battery-electric trucks to customers.”

Nikola ( NKLA ) announced on Friday it will report its first-quarter financial results on May 7 and host a conference call to discuss the results at 10:30 a.m. ET the same day. According to estimates from Benzinga Pro, the company is expected to report losses of 10 cents per share and quarterly revenue of $14.235 million. 

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NKLA Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Nikola ( NKLA ), an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

NKLA Price Action: According to Benzinga Pro, Nikola ( NKLA ) shares are up 4.71% at 99 cents at the time of publication Friday.

Image: Courtesy of Nikola Corporation ( NKLA )