Shares of Nikola Corp.
NKLA,
bounced 9.2% in active premarket trading Monday, after they suffered the worst day in three years in the previous session. Trading volume ahead of the open was 7.5 million shares, enough to make the stock the 8th-most active in the premarket. On Friday, the stock plummeted 26.4% after the electric vehicle maker slashed its 2023 revenue and deliveries outlooks, to mark the biggest one-day decline since it plummeted a record 26.9% Nov. 30, 2020. That decline three years ago followed the company’s announcement of a scaled-back deal with General Motors Co.
GM,
that was a far cry from what had been hinted. Back then, the stock followed that record selloff with a 14.9% drop on Dec. 1, 2020. Through Friday, Nikola’s stock has lost 6.4% so far in August, after rocketing 331% over the previous two months. Nikola shares have run up 155.4% over the past three months through Friday but have gained 15.7% year to date, while the S&P 500
SPX,
has advanced 16.6% this year.
