What's Going On With Nikola (NKLA) Shares

Nikola Corp NKLA shares are trading lower by 1.98% to $2.47 during Wednesday's session. The stock is near session lows, potentially amid profit-taking, after rallying some 79% over the trailing five sessions. The stock has also seen marked strength in recent sessions amid popularity in high short interest stocks.

See Also: What's Going On With Tesla Stock Today

Nikola stock experienced a significant surge last week following the announcement of its agreement with BayoTech. The agreement entails the acquisition of a maximum of 50 Nikola Class 8 fuel cell electric vehicles over a five-year period. Initial delivery of 12 Nikola EVs is expected in 2023 and 2024.

Under the terms of the agreement, Nikola will gain access to hydrogen via BayoTech's hub network and also procure up to ten transport trailers to facilitate streamlined and efficient distribution processes.

According to data from Benzinga Pro, NKLA has a 52-week high of $8.97 and a 52-week low of $0.52.