Although electric truck startup Nikola (NASDAQ: NKLA) stock has had a rough year so far, as its price continuously declined, its losses totaling 35.19% year-to-date (YTD), its CEO has recently added to his stock portfolio a whopping one million of NKLA shares.
Specifically, the company’s CEO Stephen Girsky bought $540,000 worth of NKLA stocks, adding up to his holdings of 7.2 million in Nikola shares, according to the recent information shared by the pseudonymous markets analyst Barchart in an X post on May 22.
Interestingly, this massive purchase has happened despite the stock’s poor success and as the company is struggling with the fallout of the fraud conviction of Nikola founder Trevor Milton, who refuses to stay away from the embattled hydrogen truck maker and still owns a stake in the company.
Picks for you
On top of that, it might be a display of confidence for shareholders as the company seeks support for the upcoming vote on the reverse stock split laid out in Proposal 2, which Nikola believes will “have a positive impact by addressing potential delisting concerns and resetting its financial foundation.”
As a reminder, Nikola has recently published disappointing financials for the first quarter, in which it reported a drop in total revenues and a non-GAAP (earnings outside the generally accepted accounting principles) net loss per share of $0.09, producing only 43 trucks, of which it shipped 40.
Nikola stock price analysis
Meanwhile, Nikola stock is changing hands at the price of $0.54, recording an advance of 2.07% on the day, albeit dropping 5.88% across the past week and adding up to the 14.62% decline accumulated on its monthly chart, according to the most recent data on May 22.
That said, while it is difficult to make any specific Nikola stock forecasts, NKLA might have a bullish future, as it is one of the best renewable energy penny stocks to buy this year, aside from Gevo (NASDAQ: GEVO), Ballard Power Systems (NASDAQ: BLDP), and Plug Power (NASDAQ: PLUG).
Buy stocks now with eToro – trusted and advanced investment platform
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
