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Why Nikola Shares Are Popping This Week

Nikola (NASDAQ: NKLA) hasn’t posted any significant news since it reported first-quarter earnings earlier this month. Early in Friday’s trading session, Nikola shares were 19.6% higher for the week, according to data provided by S&P Global Market Intelligence. More than 20% of Nikola’s outstanding shares were sold short, as of mid-May. And because a large number of those shares are held by company executives or in its treasury, 36.5% of Nikola’s share float were being shorted by investors, according to MarketWatch.