Nikola Corporation (NASDAQ:NKLA) shares are trading lower Wednesday, and the stock is down by more than 33% over the past five days. Here's a look at what's going on.

The Details:

Last week, M&M Residual withdrew its nomination of five candidates for election to Nikola's board of directors and alleged "potentially fraudulent conduct of Nikola’s management and certain directors."

A previously filed SEC document dated April 10, included a note from Nikola's Chairman, Steven M. Shindler, highlighting the contentious battle for board seats to stockholders. 

"As you may have seen, M&M Residual, LLC, an entity controlled by criminally convicted former Executive Chairman Trevor Milton, has provided notice of its intent to nominate a slate of Directors," Shindler said.

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NKLA Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

NKLA Price Action: According to Benzinga Pro, Nikola shares are down 1.76% at 65 cents at the time of publication Wednesday.

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