By Jody Chudley Electric heavy-duty truck maker Nikola Corp. (Nasdaq: NKLA) began trading on the Nasdaq on June 4, 2020.
Investors were excited – to put it mildly. Nikola’s share price immediately rocketed higher.
Within five days of listing, shares surged to $80. The market valued this unproven business at more than $30 billion.
I warned that Nikola’s share price was held up by speculative fever, not by fundamentals.
And since then, the Nikola fever has cooled.
Two months later, the company’s share price is down 45%. It has been down as much as 60%.
I was right to be leery of Nikola’s lofty valuation back in June. But …read more
