Deutsche Bank slashes price target on Nikola Corporation [NKLA] – find out why.

Nikola Corporation [NASDAQ: NKLA] jumped around 0.49 points on Tuesday, while shares priced at $39.18 at the close of the session, up 1.27%. The company report on August 10, 2020 that Republic Services Announces Partnership with Nikola to Develop and Purchase 2,500 Electric Collection Trucks.

Agreement for zero-emissions vehicles is the industry’s first large-scale commitment to fleet electrification.

Republic Services, Inc. (NYSE: RSG) today announced a partnership with Nikola Corp. (NASDAQ: NKLA) to develop and purchase 2,500 electric waste and recycling collection trucks, representing the industry’s first large-scale commitment to fleet electrification. The zero-emissions vehicles, which will have a range of 150 miles and recharge overnight, are expected to be integrated into Republic Services’ fleet beginning in 2023. The deal is expandable to 5,000 vehicles over the life of the agreement.

Nikola Corporation stock is now 279.65% up from its year-to-date (YTD) trading value. NKLA Stock saw the intraday high of $39.97 and lowest of $38.11 per share. The company’s 52-week high price is 93.99, which means current price is +280.39% above from all time high which was touched on 06/09/20.

Compared to the average trading volume of 19.78M shares, NKLA reached a trading volume of 5460998 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Nikola Corporation [NKLA]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NKLA shares is $58.33 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NKLA stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Deutsche Bank have made an estimate for Nikola Corporation shares, keeping their opinion on the stock as Hold, with their previous recommendation back on July 16, 2020. The new note on the price target was released on July 08, 2020, representing the official price target for Nikola Corporation stock. Previously, the target price had yet another raise to $46, while RBC Capital Mkts analysts kept a Sector Perform rating on NKLA stock.

The Average True Range (ATR) for Nikola Corporation is set at 3.70, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 35091.92. The Price to Book ratio for the last quarter was 13.51, with the Price to Cash per share for the same quarter was set at 1.77.

How has NKLA stock performed recently?

Nikola Corporation [NKLA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.18. With this latest performance, NKLA shares gained by 18.01% in over the last four-week period, additionally plugging by 277.09% over the last 6 months – not to mention a rise of 289.46% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NKLA stock in for the last two-week period is set at 44.49, with the RSI for the last a single of trading hit 45.10, and the three-weeks RSI is set at 47.18 for Nikola Corporation [NKLA]. The present Moving Average for the last 50 days of trading for this stock 48.30, while it was recorded at 40.14 for the last single week of trading, and 23.63 for the last 200 days.

Nikola Corporation [NKLA]: Deeper insight into the fundamentals

Insider trade positions for Nikola Corporation [NKLA]

There are presently around $1,944 million, or 13.50% of NKLA stock, in the hands of institutional investors. The top three institutional holders of NKLA stocks are: FMR LLC with ownership of 18,672,413, which is approximately New of the company’s market cap and around 0.70% of the total institutional ownership; VALUEACT HOLDINGS, L.P., holding 11,675,437 shares of the stock with an approximate value of $457.44 million in NKLA stocks shares; and P SCHOENFELD ASSET MANAGEMENT LP, currently with $118.94 million in NKLA stock with ownership of nearly New of the company’s market capitalization.

146 institutional holders increased their position in Nikola Corporation [NASDAQ:NKLA] by around 49,608,806 shares. Additionally, 0 investors decreased positions by around 0 shares, while 0 investors held positions by with 0 shares. The mentioned changes placed institutional holdings at 49,608,806 shares, according to the latest SEC report filing. NKLA stock had 146 new institutional investments in for a total of 49,608,806 shares, while 0 institutional investors sold positions of 0 shares during the same period.

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