Shares of Nikola (NKLA), which specializes in manufacturing large commercial-grade electric vehicles, are sinking in Thursday's session. The EV maker's stock has dropped by nearly 30% intraday, while share prices have already fallen by 75% over the last year.

Market Domination Host Josh Lipton and Julie Hyman comment on Nikola's stock performance and its board's decision for a 1-for-30 reverse stock split.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Luke Carberry Mogan.

Video Transcript

All right, Moving on.

Uh, here's another one.

Nicola shares are tanking today after announcing a one for 30 reverse stock split that is set to go into effect after markets close on June 24th.

This has been the theme, Julie, Feel like we've been hitting a few of these.

I mean, you know the broader view.

This is industry.

Obviously, as we've talked about, it's not growing like it used to, and stocks associated.

They have taken a hit.

Nicola is no exception.

I mean, I manufacture those commercial EVs.

That stock is down more than 50% this year.

It's down about 70% over the past 12 months.

Yes.

I mean, this is one that has not really gotten off the ground.

You recently had the news that Fisker had filed for bankruptcy, and Nicola has said in the past that there was doubt about its ability to consider to continue being in business.

So we'll see how much time this buys it