Nikola Corporation [NKLA] Is Currently -26.92 below its 200 Period Moving Avg: What Dose This Mean?

Nikola Corporation [NASDAQ: NKLA] plunged by -$7.52 during the normal trading session on Monday and reaching a high of $23.00 during the day while it closed the day at $20.41. The company report on November 30, 2020 that Nikola Signs MOU with General Motors.

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Nikola Corporation (NASDAQ: NKLA) announced the signing of a non-binding Memorandum of Understanding (“MOU”) with General Motors for a global supply agreement related to the integration of GM’s Hydrotec fuel-cell system into Nikola’s commercial semi-trucks. This supersedes and replaces the transaction announced on September 8, 2020.

Under the terms of the MOU, Nikola and GM will work together to integrate GM’s Hydrotec fuel-cell technology into Nikola’s Class 7 and Class 8 zero-emission semi-trucks for the medium- and long-haul trucking sectors. As previously announced, Nikola expects to begin testing production-engineered prototypes of its hydrogen fuel-cell powered trucks by the end of 2021, with testing for the beta prototypes expected to begin in the first half of 2022. In addition, Nikola and GM will discuss the potential for the utilization of GM’s versatile Ultium battery system in Nikola’s Class 7 and Class 8 vehicles.

Nikola Corporation stock has also loss -22.63% of its value over the past 7 days. However, NKLA stock has declined by -49.99% in the 3 months of the year. Over the past six months meanwhile, it has lost -34.94% and gained 97.77% year-on date.

The market cap for NKLA stock reached $8.49 billion, with 377.66 million shares outstanding and 140.20 million shares in the current float. Compared to the average trading volume of 31.08M shares, NKLA reached a trading volume of 92408664 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to 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 $30.33 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 2.80. 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.

Loop Capital have made an estimate for Nikola Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on November 20, 2020. While these analysts kept the previous recommendation, Wedbush dropped their target price from $45 to $15. The new note on the price target was released on September 24, 2020, representing the official price target for Nikola Corporation stock. Previously, the target price had yet another raise to $45, while Wedbush analysts kept a Neutral rating on NKLA stock.

The Average True Range (ATR) for Nikola Corporation is set at 3.19, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 58940.96. The Price to Book ratio for the last quarter was 7.14, with the Price to Cash per share for the same quarter was set at 2.18.

NKLA stock trade performance evaluation

Nikola Corporation [NKLA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -22.63. With this latest performance, NKLA shares gained by 3.13% in over the last four-week period, additionally sinking by -34.94% over the last 6 months – not to mention a rise of 98.16% 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 43.41, with the RSI for the last a single of trading hit 39.66, and the three-weeks RSI is set at 44.53 for Nikola Corporation [NKLA]. The present Moving Average for the last 50 days of trading for this stock 22.52, while it was recorded at 28.50 for the last single week of trading, and 29.03 for the last 200 days.

Nikola Corporation [NKLA]: An insightful look at the core fundamentals

Earnings per share (EPS) analysis for Nikola Corporation [NKLA] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NKLA. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Nikola Corporation go to 20.59%.

Nikola Corporation [NKLA]: Insider Ownership positions

There are presently around $832 million, or 14.00% of NKLA stock, in the hands of institutional investors. The top three institutional holders of NKLA stocks are: VANGUARD GROUP INC with ownership of 12,383,951, which is approximately New of the company’s market cap and around 1.30% of the total institutional ownership; FMR LLC, holding 5,041,836 shares of the stock with an approximate value of $102.9 million in NKLA stocks shares; and COATUE MANAGEMENT LLC, currently with $75.47 million in NKLA stock with ownership of nearly 2744.205% of the company’s market capitalization.

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177 institutional holders increased their position in Nikola Corporation [NASDAQ:NKLA] by around 30,607,196 shares. Additionally, 61 investors decreased positions by around 39,458,839 shares, while 14 investors held positions by with 29,298,526 shares. The mentioned changes placed institutional holdings at 40,767,509 shares, according to the latest SEC report filing. NKLA stock had 106 new institutional investments in for a total of 19,311,988 shares, while 46 institutional investors sold positions of 21,082,523 shares during the same period.

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