NKLA - Why Nikola Has Been Dropping Again This Week
2023-04-27 15:16:54 ET
Nikola (NASDAQ: NKLA) shares were lower by as much as 13% this week, even as the company expanded its customer base. As of Thursday afternoon trading, the stock of the electric heavy truck maker regained some of those losses but remained down by about 6% since last Friday's close, according to data provided by S&P Global Market Intelligence .
Growth investors have been focusing on earnings reports from big technology companies this week, which has helped the tech-heavy Nasdaq Composite index outpace the other major U.S. indexes with a small gain for the week. That has also meant higher-risk, unprofitable names like Nikola have been left behind.
Pessimism among investors remains high for Nikola's future. As of mid-April, about 25% of its shares were being shorted by investors, according to MarketWatch.
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Why Nikola Has Been Dropping Again This Week