Electric vehicle (EV) maker Nikola Corp (NASDAQ:NKLA) is up 6% to trade at $5.33 this morning, after BTIG upgraded the stock to "buy" from "neutral." The brokerage firm noted increasing wind and solar power generation could boost green hydrogen demand, and pointed to the rollout of Nikola's fuel cell electric vehicle next year, as the company continues to develop its North American green hydrogen fueling infrastructure.
Analysts were skeptical of Nikola stock coming into today, with six of the seven in question carrying a lukewarm "hold" rating, which leaves ample room for additional upgrades.
Meanwhile, the options pits lean bullish. This is per the equity's 10-day call/put volume ratio of 3.71 over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher 80% of readings from the past year. This suggests calls have been getting picked up at a faster-than-usual pace. Given a whopping 28% of NKLA's total available float is sold short, its possible some of these calls could be shorts seeking an options hedge.
Options look like a solid route for those looking to bet on the stock's next moves, given NKLA's Schaeffer's Volatility Index (SVI) of 92% stands higher than just 18% of readings from the past year, meaning these players are pricing in low volatility expectations right now.
A floor at the $5 level has been supporting NKLA since early August, although the stock has carved out a channel of lower lows since an early August foray to $9. The shares remain down over 47% this year.
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