Why Nikola and Workhorse Group Stocks Are Down Today

Shares of electric-truck makers Workhorse Group (NASDAQ: WKHS) and Nikola (NASDAQ: NKLA) were both trading lower on Wednesday after a longtime investor in Tesla (NASDAQ: TSLA) said that it had reduced its stake in the electric-vehicle giant. 

As of 2:30 p.m. EDT, Workhorse's shares were down about 6.7%, and Nikola's down about 4.1%, from Tuesday's closing prices.

Tesla's shares fell sharply on Wednesday morning after investment management firm Baillie Gifford, the largest institutional Tesla shareholder and a longtime supporter of the company, said that it had reduced its stake in the company from about 6.3% to below 5%.

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Source Fool.com