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Why Nikola Stock Lost 17% Last Month

TheMotleyFool

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Shares of Nikola (NASDAQ: NKLA) continued their downward drift last month as the special purpose acquisition company (SPAC) bubble continued to deflate, dragging down the maker of hydrogen and electric vehicles. Nikola's head of fuel cell development stepped down at the beginning of the month, weighing on the stock, but investors did receive some good news when the company said it would begin installing hydrogen fueling stations in California.

According to data from S&P Global Market Intelligence, the EV stock finished April down 17%. As you can see from the chart below, the stock declined for most of the month, before reversing course when the fueling station news broke.