Worthington’s Muted Gain a Bearish Signal After Nikola Surge
Rendering of a Nikola Badger electric pickup truck.
Source: Nikola Corp.
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Nikola Corp.’s stratospheric rise has led the unprofitable electric truck maker on Tuesday to surpass the market valuation of century-old stalwart Ford Motor Co., but a more muted rally in a key shareholder suggests shares may have climbed too far, too fast.
After investing $2 million in the startup in 2015, metals manufacturer Worthington Industries Inc. now holds more than 19 million shares following Nikola’s reverse merger last week with a blank-check company, VectoIQ Acquisition Corp. While Nikola more than doubled by its third day of trading, Worthington’s stock had climbed just 12% through Monday.