Shares of Nikola Corp. (NKLA) rebounded 9.2% in active premarket trading on Monday, recovering from the worst day in three years in the previous session. The stock experienced a trading volume of 7.5 million shares before the market opened, making it the 8th-most active stock in premarket.
Friday's Plunge After Slashed Outlooks
On Friday, Nikola's stock suffered a significant decline of 26.4% following the company's announcement of slashed revenue and deliveries outlooks for 2023. This marked the largest one-day decline since November 30, 2020, when the stock plummeted a record 26.9%. The decline three years ago was a result of a scaled-back deal with General Motors Co. (GM), which was far below market expectations. The stock then experienced another drop of 14.9% on December 1, 2020.
August Performance and Recent Months
As of the end of August, Nikola's stock has already lost 6.4% after skyrocketing 331% over the previous two months. Despite this recent decrease, Nikola shares have performed well over the past three months, gaining 155.4%. On a year-to-date basis, the stock has gained 15.7%. In comparison, the S&P 500 index (SPX) has advanced 16.6% over the course of this year.