Nikola Corporation's stock is experiencing an upward movement today, driven by a combination of technical trading signals and speculative interest. Discussions on Reddit highlight a potential short squeeze, with users noting that the stock is "starting to squeeze" and setting a target price of $2, with the possibility of reaching $5 or beyond. The stock's market cap is under $150 million, and there is a decent short interest, with around 20 million shares short, representing 25% of the float. This has fueled speculation among traders looking for a breakout, as indicated by the "second cup & handle" pattern confirmed in premarket trading.
The stock opened at $1.76 and has seen a high of $1.79 and a low of $1.62 so far today. Currently trading at $1.67, this marks a 4.45% increase from the previous close of $1.60. Despite being just 30 minutes into the trading day, the stock has already seen a volume of 10,950,497 shares, which is 127.66% of its average daily volume of 8,577,575 shares, indicating significant trading activity early in the session.