Why EV Stocks Nikola, Workhorse Group, and Fisker Are Racing Lower Today
Electric vehicle (EV) stocks are stuck in reverse today. Shares of Nikola (NASDAQ: NKLA) are continuing to face pressure after the company announced second-quarter financial results and a shake-up in its C-suite. Workhorse Group (NASDAQ: WKHS) is also seeing a sell-off after it reported second-quarter results this morning. Fisker (NYSE: FSR), on the other hand, is seeing its stock tumble today after two analysts have shared pessimistic outlooks on the EV upstart.
As of 11:19 a.m. ET on Tuesday, Nikola stock was down 5.9%, bouncing back after its earlier slide of 12.1%. Similarly, Workhorse Group stock, down 6.8%, had pared back some of its earlier 16.1% loss, and shares of Fisker were down 2%, recovering from an earlier slide of 5.7%.
Last Friday, Nikola provided its second-quarter results, and investors weren't happy. Coming up shy of analysts' estimates, revenue fell more than 15% compared to the same period last year.
Source Fool.com
