Nikola Stock Is Charging: What's Going On?

Nikola Corporation NKLA shares are trading higher on Friday continuing the stock's upward momentum from Thursday. Here's what to know:

What To Know:

On Thursday, Nikola announced an agreement with BayoTech which includes the purchase of up to 50 Nikola Class 8 fuel cell electric vehicles over the next five years. The first 12 Nikola EVs will be delivered in 2023 and 2024. 

Nikola will receive hydrogen from BayoTech's network of hubs and will acquire up to ten of the company's transport trailers to facilitate distribution. 

NKLA stock rose over 50% Thursday after the agreement was announced.

According to data from Benzinga Pro, more than 115 million NKLA shares have already been traded on Friday, compared to the stock's 100-day average of 54.2 million shares.

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NKLA Price Action: According to Benzinga Pro, Nikola shares are trading 11.8% higher at $2.48 at the time of publication.

Image: Courtesy of Nikola Corporation