Why Nikola Stock Is Sinking This Week
With Nikola (NASDAQ: NKLA) shares down more than 75% in 2022, investors in the company have gotten used to seeing weeks with double-digit percentage drops like this one. Since last Friday's close, Nikola shares are down by 12% early on the final trading day of the week, according to data provided by S&P Global Market Intelligence.
Nikola didn't release any major news this week. In fact, several items that came out over the past two weeks related to positive achievements for the electric heavy truck maker. But the tech-heavy Nasdaq Composite index continued to trail the broader market this week. And speculative growth stocks like Nikola continued to underperform even that index as investors sought more safety and income in this rising-interest-rate environment.
Nikola continues to work on getting traction for its business, however. In mid-December, it announced plans with green hydrogen producer Plug Power to increase hydrogen infrastructure that would benefit Nikola and its Tre fuel cell electric vehicle (FCEV).
Source Fool.com
