Nikola Stock Extends Gains Following First Vehicle Delivery

The security remains down over 24% for 2021

Deputy Editor
Dec 27, 2021 at 10:26 AM
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The shares of Nikola Corp (NASDAQ:NKLA) are extending last week's gains, last seen up 4.1% to trade at $11.55, as investors continue to target the stock on last week's news of its first truck delivery.  Just ahead of Christmas Eve, on Thursday, Dec. 23, Nikola reported the delivery of its first Tre battery-electric vehicle pilot trucks to Southern California port trucking company Total Transportation Services. Nikola added that there are more deliveries to come in a tweet.

These last few sessions have helped Nikola stock bounce back from near all-time lows hit earlier this month. Plus, last week's news helped NKLA breach recent pressure at the 20-day moving average. With four sessions left on the year, however, NKLA will still need a miracle to overcome its 24.8% year-to-date deficit.

Drilling down to today's options activity, 21,000 calls have been exchanged so far, which is nine times the intraday average, and nearly triple the number of puts traded. Most popular is the weekly 12/31 12-strike call, followed by the 11-strike call from the same series.

Meanwhile, short sellers have been hitting the exits. Short interest fell 12.5% over the last two reporting periods, but the 51.22 million shares sold still account for a hefty 23.3% of the stock's available float, which could mean additional tailwinds for NKLA, should more of this short interest start to unwind. 


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