What's Going On With Nikola Stock?

Nikola Corporation NKLA shares are trading lower on Monday. The stock appears to be moving on continued downward momentum following a tweet from the company on Friday.

What To Know:

On Friday, the official Nikola Motor Company account tweeted, "Early this morning behind our Phoenix headquarters, a fire occurred which affected multiple battery electric trucks. No one has been injured. Foul play is suspected as a vehicle was seen in the area of the affected trucks just prior to the incident and an investigation is underway."

Despite Monday's selling pressure, NKLA shares are up nearly 50% over last month.  According to data from Benzinga Pro, NKLA shares are seeing outsized short interest with 16.8% of available shares being sold short.

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NKLA Price Action: According to Benzinga Pro, Nikola shares are trading down nearly 14% at $1.11 at the time of publication.

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