Why Nikola and Other EV Stocks Soared This Week
Some electric vehicle (EV) sector stocks are having a good week, and some are having an exceptional one. The stocks of solid-state battery maker QuantumScape (NYSE: QS) and Chinese EV maker (NYSE: NIO) have jumped by about 25% and 26%, respectively, since last Friday's close. But shares of electric truckmaker Nikola (NASDAQ: NKLA) have soared over 100% as of Thursday afternoon, according to data provided by S&P Global Market Intelligence.
Nikola's parabolic move has come for several reasons. Last week, the company adjourned its annual shareholder meeting, with plans to reconvene it on July 6. The company needs more shareholders to vote on a proposal to allow Nikola to increase the authorized number of shares in order to raise future capital. Though 77% of shares voted through June 6 were in favor of the proposal, it will require more affirmative votes to pass. That seems likely to happen based on the votes tallied so far, and that capital will be critical for Nikola to continue to grow its sales and business.
Source Fool.com
NIO Inc. Stock
Currently there is a rather positive sentiment for NIO Inc. with 3 Buy predictions and 0 Sell predictions.
As a result the target price of 5 € shows a slightly positive potential of 13.64% compared to the current price of 4.4 € for NIO Inc..
