Is Nikola A Buy Or A Sell Now? Here's What Fund Sponsorship, NKLA Stock Chart Show 12:30 PM ET 10/13/2021
Should You Avoid NKLA Stock? So for those seeking the best growth stocks, is NKLA stock a buy now? Or is it time to sell, cut losses, and search for a better growth stock? This story will examine the stock through the lens of IBD's time-tested, research-driven CAN SLIM method, a seven-point paradigm for successful stock picking.
Nikola Stock: Is A Short Covering Rally Under Way? Short interest in Nikola is still elevated and rising. According to MarketSmith data on NKLA's weekly chart, it would take nearly five times the stock's average daily volume of 12.3 million shares to cover all open short-sale positions. Put another way, short interest of 60 million shares comprises 21% of the entire float. So, if a powerful rebound arises on a change in perception regarding the company's future, more short sellers may feel pressure to buy back shares and cover their positions. Think of short interest as nitro fuel for a strong stock. This could give NKLA stock a further boost.
A Long-Term Hydrogen Fuel Play? Global interest in hydrogen fuel is attracting investor interest in Nikola stock. In mid-April, the company unveiled plans to create a hydrogen pipeline network in Germany with its partners CNH Industrial (CNHI) and OGE, which operates natural gas pipelines. On April 29, Nikola announced a deal with TravelCenters of America (TA) to install hydrogen refueling stations for heavy-duty trucks at two sites in California. These sites may begin operation as early as the first quarter of 2023. On June 17, NKLA rallied 7.9% in accelerating turnover on news that it has agreed to develop a full line of zero-emission heavy duty trucks with CNH Industrial (CNHI). Nikola also announced a deal with Tumim Stone Capital. The asset manager pledged to buy up to $300 million of the company's common shares. On June 22, Nikola said it's investing $50 million in cash and stock for a 20% equity stake in the clean hydrogen project being developed in West Terre Haute, Ind. The goal here? Convert solid waste byproducts such as petroleum coke with biomass to create clean, sustainable hydrogen. On July 15, Nikola announced plans to add five independent dealers with more than 51 locations in Texas, Arizona, California, Colorado, New Mexico, Florida, Delaware, Virginia and Maryland. https://www.investors.com/research/nikola-nkla-stock-buy-now/
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