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Friday, December 4, 2020

Nikola Corporation [NASDAQ: NKLA] Responds To Hindenburg’s Report

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Nikola Corporation [NASDAQ: NKLA] has issued the statement in response to the claims made by Hindenburg Research. Hindenberg Research revealed Thursday Nikola has made series of false public statements.

Reports claimed that Nikola staged a video called ‘Nikola One in Motion’ which revealed the semi-truck moving on a road at a high rate of speed.

Additionally, the report claimed that investigation of the site & text messages from a former employee disclosed that the video was a trick to deceive the public.

Nikola shares traded down 11.4% after the Hindenburg disclosed that it has gathered data from phone calls, text messages, & emails that reveal the false statements of the company’s founder and CEO Trevor Milton.

Shares of Nikola traded down 9.29% as it lost -3.49 on Friday. It has a day low range of $34.00 and a high range of $35.69. In the past 52-weeks of trading, this company’s stock has fluctuated between the low of $110.20 & a high of $93.99.

It has moved up 234.12% from its 52-weeks low and moved down -63.74% from its 52-weeks high. Looking at its profitability, it has a return on assets (ROA) of -32.40%, and return on equity (ROE) of -34.00%.

Nikola had a trading volume of 8.38 million as compared to the average volume of $21.42 million. NKLA’s market capitalization has remained high, hitting $14.47 billion at the time of writing.

Nikola Corporation has responded to the accusations and released a statement. Hence, the company denied all the allegations. It said: “Yesterday, an activist short-seller whose motivation is to manipulate the market & profit from a manufactured decline in our stock price published a so-called ‘report’.”

NKLA said that it has nothing to hide. The report was not a research report but a trick for a short sale profit. Furthermore, the company said that it will fulfill all the promises it has made to its stakeholders.

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