Sunday, September 20, 2020

Nikola Corporation [NKLA] stock Initiated by Wedbush analyst, price target now $45

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Nikola Corporation [NASDAQ: NKLA] traded at a high on 09/16/20, posting a 1.37 gain after which it closed the day’ session at $33.28. The company report on September 17, 2020 that IMPORTANT INVESTOR NOTICE: The Schall Law Firm Files Class Action Suit Against Nikola Corporation.

The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Nikola Corporation (“Nikola” or “the Company”) (NASDAQ:NKLA) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.

Investors who purchased the Company’s securities between June 4, 2020 and September 9, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before November 16, 2020.

The results of the trading session contributed to over 46588209 shares changing hands. Over the past one week, the price volatility of Nikola Corporation stands at 15.88% while the volatility over the past one month is 11.18%.

The market cap for NKLA stock reached $14.75 billion, with 303.79 million shares outstanding and 115.69 million shares in the current float. Compared to the average trading volume of 24.73M shares, NKLA reached a trading volume of 46588209 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 $55.75 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 2.60. 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.

Wedbush have made an estimate for Nikola Corporation shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on August 26, 2020. While these analysts kept the previous recommendation, Deutsche Bank raised their target price to Hold. The new note on the price target was released on July 16, 2020, representing the official price target for Nikola Corporation stock. Previously, the target price had yet another raise to $45, while JP Morgan analysts kept a Overweight rating on NKLA stock.

The Average True Range (ATR) for Nikola Corporation is set at 5.05, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 33518.25. The Price to Book ratio for the last quarter was 11.48, with the Price to Cash per share for the same quarter was set at 1.58.

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 -21.45. With this latest performance, NKLA shares dropped by -23.62% in over the last four-week period, additionally plugging by 216.95% over the last 6 months – not to mention a rise of 228.53% 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 43.34, with the RSI for the last a single of trading hit 41.46, and the three-weeks RSI is set at 44.43 for Nikola Corporation [NKLA]. The present Moving Average for the last 50 days of trading for this stock 40.59, while it was recorded at 34.32 for the last single week of trading, and 25.74 for the last 200 days.

Nikola Corporation [NKLA]: Deeper insight into the fundamentals

Insider trade positions for Nikola Corporation [NKLA]

There are presently around $1,651 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 1.30% of the total institutional ownership; VALUEACT HOLDINGS, L.P., holding 11,675,437 shares of the stock with an approximate value of $388.56 million in NKLA stocks shares; and P SCHOENFELD ASSET MANAGEMENT LP, currently with $101.03 million in NKLA stock with ownership of nearly New of the company’s market capitalization.

147 institutional holders increased their position in Nikola Corporation [NASDAQ:NKLA] by around 49,619,172 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 49,619,172 shares, according to the latest SEC report filing. NKLA stock had 147 new institutional investments in for a total of 49,619,172 shares, while 0 institutional investors sold positions of 0 shares during the same period.

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