NKLA - Why Tortoise Acquisition's Stock Was Up Today
Shares of Tortoise Acquisition (NYSE: SHLL) were trading higher on Thursday. Intense investor interest in electric vehicles has powered shares of Tortoise, a special purpose acquisition company (SPAC) that is preparing to merge with electric-truck drivetrain maker Hyliion, to major gains over the last few weeks.
As of 3:15 p.m. EDT, Tortoise's shares were up 9.6% from Wednesday's closing price.
There was no big news driving Tortoise's shares higher on Thursday. What's happening is that investors, excited by the huge run-up in electric big-rig maker Nikola's (NASDAQ: NKLA) shares over the last month, are looking for the next Nikola -- and Hyliion is an intriguing candidate.