5 Most Shorted Stocks to Watch in June

3. Nikola Corporation (NASDAQ:NKLA)

Number of Hedge Fund Holders: 16

Float Shorted: 28.96%

Stock Price as of June 14: $5.23

Nikola Corporation (NASDAQ:NKLA) is a Salt Lake City, Utah-based manufacturer of heavy-duty commercial battery EVs, fuel-cell EVs, and other energy solutions.

On June 9, the company revealed that its Nikola Tre battery EV had been approved by the New York Truck Voucher Incentive Program. The buyers of Nikola Tre BEV will now become eligible for incentives of up to $185,000 for every truck. The incentive is provided to encourage the adoption of heavy-duty EVs for commercial purposes. Nikola Corporation (NASDAQ:NKLA) is also registered in California in a similar program aimed at achieving zero-emission. Despite the positive developments, the stock is still being considered a speculative stock by investors. The company has recently started earning revenue from operations while its costs remain high. On June 13, Chris McNally at Evercore ISI lowered the price target on Nikola Corporation (NASDAQ:NKLA) from $14 to $10.

Nikola Corporation (NASDAQ:NKLA) was held by 16 hedge funds at the end of Q1 2022.