Nikola Soared Again Thursday. Is the Red-Hot Stock a Buy Right Now?
Nikola (NASDAQ: NKLA) stock recorded another day of big gains in Thursday's trading. The electric vehicle (EV) company's share price closed out the daily session up 14%.
Nikola stock began gaining ground last week after the company celebrated the opening of its first Hyla hydrogen refueling station in Southern California. The rally received an extra boost of energy after it was announced Wednesday that Alberta, Canada, would be getting its first commercial hydrogen refueling station courtesy of Nikola's Hyla brand and a collaboration with Suncor, Leduc County, Emissions Reduction Alberta, and Blackjack Roadhouse.
Due to Nikola stock being heavily shorted, positive developments on the hydrogen-refueling front also appear to be triggering a short-squeeze. Many investors had bet against the stock by borrowing shares with the hope that they could buy them back at a lower price and score the difference as a profit.
Source Fool.com
