REUTERS/Dado Ruvic/Illustration/File PhotoJune 16 (Reuters) - U.S. electric-vehicle startups were set for massive weekly gains on Friday after a searing rally in their shares over the past few sessions nearly doubled the value of companies such as Nikola (NKLA.O).
Other big gainers such as Nikola and Workhorse Group (WKHS.O) have short interests of 21.7% and 23.9%, respectively.
Reuters GraphicsUsed-car retailer Carvana (CVNA.N), another highly shorted stock, has also posted strong gains that have pushed up its value by nearly $1.38 billion this week.
"Carvana probably kick-started this, it is up more than 100% in a couple of weeks on a short squeeze.
Nikola and Lordstown have drawn a flurry of bullish options activity in recent days as traders place bets on further gains.
Persons:
Dado Ruvic, Nikola, Dennis Dick, Carvana, Tesla, Lordstown, Aditya Soni, Akash Sriram, Saqib Iqbal Ahmed, Shounak Dasgupta
Organizations:
REUTERS, Lordstown, S3 Partners, Reuters, Triple, EV, U.S, Nasdaq, Thomson
Locations:
Morgan, Bengaluru, New York