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Nikola Corporation’s market capitalization has dropped below $1 billion once again, and its stock price has also fallen below $1. This decline below two key psychological levels is just one reason why some investors are growing bearish on NASDAQ: NKLA.
The company, known for its electric and fuel cell-powered vehicles, recently reported its third-quarter earnings. The results revealed that Nikola’s losses have increased due to a recall of its battery-electric semi-trucks. The company will need to spend nearly $62 million to replace batteries in 200 of these trucks.
As a result, Nikola’s stock price has fallen below $1 despite several attempts to stay above this level.
Recent technical analysis shows that $0.86 is the current support level above the all-time lows of $0.52. The future movement of Nikola’s stock price will likely depend on whether it can hold this support level.