Why Nikola Stock Is Flying Higher Ahead of Earnings
Nikola (NASDAQ: NKLA) stock jumped again today, zooming 20% higher as of 9:50 a.m. ET Tuesday. With today's rally, the electric vehicle and hydrogen stock has now more than doubled in just one month and gained a staggering 447% in two months' time, as of this writing.
Nikola scored a big win yesterday by bagging a deal from freight giant J.B. Hunt Transportation. And now, the electric truck maker has won millions of dollars in grants and government funding that'll help it expand its footprint.
Nikola has received $16.3 million under the California grant awards and government funding program, taking its total awards win in just the last 30 days to $58.2 million. In early July, the California Transportation Commission awarded Nikola a $41.9 million grant under the Trade Corridor Enhancement Program, which Nikola will use in collaboration with the California Department of Transportation to build six hydrogen refueling stations across Southern California. With today's additional award, Nikola can now build seven such refueling stations.
Source Fool.com
