Nikola Corporation (NASDAQ:NKLA) shares are back at it again. The stock is rallying Tuesday after rising more than 16% on Monday, adding to gains of nearly 31% over the last week. Here's a look at what's going on.

What To Know: Nikola shares continue to bounce back in July after the EV stock hit new all-time lows on continued weakness following a reverse stock split that went into effect at the end of June.

Nikola shares are down approximately 60% since the start of the year. Nikola's board recently approved the 1-for-30 reverse stock split to comply with Nasdaq requirements for continued listing.

The recovery in shares of Nikola can be traced back to an announcement from last week that the company sold more trucks than it expected to in the second quarter.

Nikola announced that it wholesaled 72 Class 8 hydrogen fuel cells trucks in the second quarter, which was above the high end of its truck sales guidance of 60 units. The company noted that it wholesaled a total of 112 trucks in the first half of the year. Nikola shares have been moving on upward momentum since the announcement.

"We have maintained our 2024 momentum with solid wholesale numbers, new customers such as Walmart Canada, and repeat customers like 4GEN and IMC, purchasing vehicles through our dealer network," said Steve Girsky, CEO of Nikola. "We are firmly on the field and are continuing to secure our first-mover advantage in zero-emissions Class 8 trucks in North America, as well as with our HYLA hydrogen refueling solutions."

Nikola on Tuesday scheduled its second-quarter earnings report for Aug. 9. Analysts currently expect the EV maker to report a loss of $2.76 per share and revenue of $24.696 million, according to estimates from Benzinga Pro.

NKLA Price Action: Nikola shares were up 6.67% at $11.19 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Nikola.