What's Going On With Nikola (NKLA) Shares

Nikola Corp NKLA shares are trading higher by 13.74% to $1.04 Wednesday morning. The stock is rising on upward momentum after Producer Price Index (PPI) for final demand slumped 0.3% month-on-month in May, down from the previous 0.2% monthly increase and below the expected 0.1% fall.

The PPI print follows the May consumer price index (CPI) reading, which came in lower than expected, supporting market belief that the Fed is nearing the end of its interest rate hike cycle.

Also, according to Barron's, the International Energy Agency (IEA) predicts global oil demand could peak before the end of this decade due to the energy crisis and the acceleration of cleaner technologies. The IEA expects annual demand growth to slow significantly over the next five years.

What Else Is Going On With Nikola?

Additionally, NKLA shareholders last week reportedly rejected the company's proposal to issue more stock shares. The stock is up on continued momentum after the company announced that it would adjourn and reconvene its annual meeting of stockholders on July 6, 2023.

Nikola seeks to extend the voting period for Proposal 2, enabling the company to expand its authorized shares and enhance flexibility in fostering future business growth and development.

With a new proposed law in Delaware reducing the approval threshold to a majority of voting shares, Nikola currently has enough votes to secure approval for Proposal 2. The pending legislation is anticipated to become effective on August 1...Read More

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