Why Nikola Stock Was Down -- but Not Crashing -- This Morning
Shares of electric-truck start-up Nikola (NASDAQ: NKLA) were down again on Monday, on continued selling pressure in the wake of a hard-hitting report from a short-seller last week. But a statement from Nikola challenging the report -- and a new note from a Wall Street analyst defending the company -- may have been mitigating that selling pressure early on Monday.
As of 10 a.m. EDT, Nikola's shares were down about 4.4% from Friday's closing price.
Nikola's stock has been under pressure since last Thursday, when short-seller Hindenburg Research released a scathing report that accused Nikola of being "an intricate fraud built on dozens of lies." From Wednesday's close through Friday's, the stock lost about 24% of its value.
Source Fool.com
