Why Nikola Stock Jumped Almost 30% in May
The stock of electric truck start-up Nikola (NASDAQ: NKLA) has had a rough past 12 months. A short-seller report accused it of exaggerating its technology and progress in developing its electric semi trucks as well as its hydrogen fueling infrastructure. Hesitant investors walked away, and the stock has dropped 75% since last summer. But as the company began reporting updates on its business, shares jumped more than 29% in the month of May, according to data provided by S&P Global Market Intelligence.
Two items of news from the company came in the first week of the month, and shares steadily rose from there. On May 6, Nikola announced a collaboration with a Southern California trucking and logistics company that serves port operations. The agreement calls for vehicle trials by the company, and a plan to potentially order 100 Nikola battery-electric vehicle (BEV) and fuel-cell electric vehicle semi trucks.
Source Fool.com
