Is Northern Genesis Acquisition (NGA) a Good Buy Right Now?

Many SPACs or special purpose acquisition companies have seen their stocks soar in recent times and one of the more notable ones is Northern Genesis Acquisition Corp (NYSE: NGA).

The stock has rallied at a remarkable rate over the past two months and tripled in value during that period. Considering such gains, it could be worthwhile for investors to perhaps add the stock to their watch lists and take a closer look.

Earlier this month, a new development emerged that could have added further fuel to the Northern Genesis stock. The company is on the verge of completing a merger with electric bus manufacturer Lions Electric and bring it public.

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More importantly, it is also necessary to point out that tech giant Amazon has already taken up the option of acquiring a stake in the new entity. Hence, it is not a surprise that the Northern Genesis stock has been in focus among investors in recent days. It remains to be seen if the stock can continue to add to its gains in the coming days.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.