Nikola Stock Surge Amid Meme Stock Trading: Market Updates 2024

Volatile EV stocks

Nikola missed revenue expectations in its latest earnings report. But it delivered more hydrogen fuel cell heavy trucks than it had previously projected. Nikola also is focusing on building out infrastructure for its growing fleet of hydrogen trucks. The company is initially focusing on Southern California port areas for its refueling stations. It opened its second station in the area last week. I think there's a valid market for these hydrogen Class 8 trucks, and Nikola is jumping at the opportunity to supply it.

Meme Stock Impact

It's likely that the stock is caught up in the ongoing meme stock trading, with retail traders focusing on stocks with high short interest like Nikola. As of the start of May, Nikola shares had about 18.5% of its float sold short, according to MarketWatch. Investors would be smart to avoid the noise from those retail traders and focus on their personal positions.

Long-term Investment Consideration

Should you invest $1,000 in Nikola right now?

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