Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Nikola Corp are edging higher premarket after announcing an expansion to its dealer network for its Class 8 truck sales and service coverage with the addition of Alta Equipment Group (NYSE: ALTG).
Construction and industrial equipment provider Alta Equipment Group plans to represent sales and service locations in New York, New Jersey, eastern Pennsylvania and other select areas in the New England region.
“Alta Equipment is an exceptional addition to our already impressive list of 116 dealer locations within the Nikola sales and service dealer network,” said Nikola President, Energy and Commercial Pablo Koziner.
“The Nikola partnership should complement Alta's history of battery-electric and hydrogen fuel-cell technology via their materials handling business and add to its growing eMobility vertical by fulfilling its long-term commitment to clean technologies,” added Koziner.
In recent months, several analysts have cut Nikola's price target. On Wednesday, Deutsche Bank analyst Emmanuel Rosner said Nikola has “several areas of concern which the company must address as the year progresses.”
Nikola's shares are currently up 2% at $11.18 premarket.
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