Shares of energy infrastructure and transportation solutions provider Nikola (NASDAQ:NKLA) have been on a tear lately having notched a 66.1% price gain over the past five sessions. Moreover, the stock is up a further 12% at the time of writing today while short interest in Nikola shares still remains sky-high at nearly 20.6%.
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This price rise has been accompanied by a substantial rise in the number of shares changing hands with average trading volume hovering at 63.2 million over the past 10 days versus 32.2 million in the past three months.
Only last month, Nikola received a delisting notice from Nasdaq as it fell short of the minimum closing bid price requirement. Nikola has until November 20 to regain compliance and shares of the company are already trading above the $1 threshold now.
More recently, Nikola adjourned its annual shareholder meeting to July 6 to gain more time for Proposal 2 which is related to an amendment to the company’s restated certificate to increase the number of authorized common shares of the company. While the proposal garnered 77% votes by June 6, it needs a majority of all outstanding common shares for approval and hence the adjournment of the meeting.
Overall, the Street has a $3.25 consensus price target on Nikola alongside a Hold consensus rating. Despite recent price gains, shares of the company are still down nearly 80% over the past year.
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