Why Nikola Shares Are Popping This Week
Nikola (NASDAQ: NKLA) hasn't posted any significant news since it reported first-quarter earnings earlier this month. But shares of the electric heavy-duty truck start-up have been shooting higher this week. Early in Friday's trading session, Nikola shares were 19.6% higher for the week, according to data provided by S&P Global Market Intelligence.
Even without news provided by the company, there looks to be a potential reason for the big move this week. More than 20% of Nikola's outstanding shares were sold short, as of mid-May. And because a large number of those shares are held by company executives or in its treasury, 36.5% of Nikola's share float were being shorted by investors, according to MarketWatch.
Image source: Nikola.
Source Fool.com
