Why Nikola Stock Kept Sinking Today

While much of the electric-vehicle (EV) investing world was focusing on Rivian Automotive and Lucid Group last week, the stock of start-up Nikola (NASDAQ: NKLA) steadily declined. That continued today, bringing the five-day drop to almost 20%. After dipping more than 8% earlier Monday, shares of Nikola remained down 5.4% as of 3:38 p.m. ET.

Many investors were focused on EV names last week after Rivian made its public debut. The company now sports a valuation higher than many established U.S. automakers, even prior to it bringing in any meaningful revenue. Over the days subsequent to that large initial public offering (IPO), many EV stocks, including Nikola, surged. But on Nov. 16, 2021, Nikola filed a statement saying a shareholder was selling a large block of shares after the stock had run up to over $13.50 per share. 

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Source Fool.com