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Is Nikola Stock a Buy Now?

Nikola (NASDAQ: NKLA) has taken investors on a wild ride over the past two years. The electric truck maker went public by merging with a special purpose acquisition company (SPAC) run by General Motors’ (NYSE: GM) former vice-chairman Steve Girsky on June 3, 2020, and the combined company’s shares opened at $37.55 the following day. Less than a week later, Nikola’s stock surged to an all-time high of $79.73, which valued the company at a whopping $28.8 billion — even though it hadn’t delivered a single truck yet.