Nikola Corp NKLA shares are trading lower by 6.2% to $2.11 Monday morning. The stock is falling, potentially amid ongoing profit-taking, after rallying some 43% over the trailing five sessions. The stock has also seen marked strength in recent sessions amid popularity in high short interest stocks.
Nikola stock rallied last week after the company announced it entered into an agreement with BayoTech, involving the acquisition of a maximum of 50 Nikola Class 8 fuel cell electric vehicles within a five-year timeframe. Initial delivery of 12 Nikola EVs is scheduled for 2023 and 2024.
As part of the agreement, Nikola will access hydrogen through BayoTech's hub network and procure up to ten transport trailers to facilitate efficient distribution.
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NKLA has a 52-week high of $8.97 and a 52-week low of $0.52.
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