Shares of Nikola Corp. (NKLA) surged 10.8% in morning trading on Friday, reaching a five-month high. This significant increase comes just a day after the stock skyrocketed by 60.9%. If we look at the two-day tally, Nikola’s investors have witnessed a remarkable 79.0% surge, making it the best two-day performance for the electric vehicle maker since its impressive 103.7% surge from June 6-8, 2020.
One of the major drivers behind these gains is the recent announcement from Nikola, confirming an agreement to purchase hydrogen from BayoTech Inc. In return, BayoTech will acquire 50 Nikola big-rig hydrogen fuel cell electric vehicles.
It is worth noting that Nikola’s stock has been on an impressive run since it hit its lowest point on June 6, when it closed at a record low of 54.21 cents. Since then, the stock has experienced an extraordinary surge of 355.6%.
Nikola’s current ticker began trading on June 4, 2020, following its merger with the special purpose acquisition company (SPAC) VectoIQ Acquisition Corp.
In comparison, Nikola’s stock has gained 13.9% year-to-date. Meanwhile, the Global X Autonomous and Electric Vehicles exchange-traded fund (DRIV) has climbed 37.2%, and the S&P 500 (SPX) has tacked on 17.7%.