Why Lordstown Motors and XL Fleet Shares Jumped, but Nikola Stock Dropped Today
Shares of clean energy companies, including electric vehicle names, have been surging the past month. The moves reversed an extended downtrend as the sector went out of favor with investors earlier this year. Today, shares of Lordstown Motors (NASDAQ: RIDE) jumped almost 20% before paring those gains to 6.7% as of 12:40 p.m. EDT. XL Fleet (NYSE: XL) is another name down sharply this year. But today it jumped 10% before settling to a gain of 5.8%. Shares of Nikola (NASDAQ: NKLA), however, completely lost early gains and were down 3.6%.
Today's market moves come on the heels of a month where XL stock gained 18%, Lordstown 33%, and Nikola 52%. The outsize gains in Nikola's stock likely help explain its lagging performance today.
Lordstown Motors' Endurance pickup truck. Image source: Lordstown Motors.
Source Fool.com
