EV startups set to extend blistering rally
Jun 16th 2023 at 8:26AMMotors were set on Friday to extend a blistering rally in their shares that has put the cash-strapped companies on track for hefty weekly gains.
For instance Nikola, which has more than doubled in value this week, has a short interest of 15.7%, according to Refinitiv. Other big gainers such as Lordstown and Workhorse Group have short interests of 15.2% and 24.3%, respectively. The surge could help Nikola overcome the risk of being delisted. The company late in May received a notice from Nasdaq as its share price had been below the $1 minimum level for the past 30 days.
Nikola's stock has a 12-month forward price-to-sales ratio of 3.21, compared with Workhorse's 1.38 and Tesla's 7.23.
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