Nikola Corporation's stock is experiencing an upward movement today, potentially influenced by the recent closure of Hindenburg Research, a prominent short-selling firm. The closure of Hindenburg, which has been known for its critical reports on various companies, including Nikola, might be alleviating some of the bearish sentiment surrounding the stock. This development could be contributing to a more positive outlook among investors, as the absence of a major short-seller might reduce downward pressure on the stock.
Additionally, Nikola's stock is currently in oversold territory based on its Slow Stochastic indicator, which may be prompting some technical traders to anticipate a bounce. This technical setup, combined with the broader market reaction to Hindenburg's closure, could be driving increased buying interest in Nikola shares.
As of 10:01 AM on January 17, Nikola's stock is trading at $1.34, marking a 10.88% increase from the previous close of $1.21. The stock opened at $1.23 and has reached a high of $1.38 and a low of $1.22 so far today. Despite being early in the trading day, the volume is 3,742,640 shares, representing 37.13% of the average daily volume of 10,080,842.