Why Nikola Stock Has Been Dropping This Week

Shares of electric semitruck maker Nikola (NASDAQ: NKLA) are up 34% in the last month. That return would have been even higher, however, if it weren't for this week's move. As of Thursday's market close, Nikola stock is down 11.5% since Monday, according to data provided by S&P Global Market Intelligence.

When Nikola reported its fourth-quarter and full-year 2021 results in late February, the company said it planned to begin commercial production by March 21. Investors began bidding its shares up throughout the month, and that continued when Nikola confirmed that it did, in fact, begin production as scheduled. But shares tumbled this week as some investors may have felt the stock surge provided an opportunity for profit taking.

Source Fool.com