Nikola Corporation [NASDAQ: NKLA] stock went on an upward path that rose over 2.79% on Tuesday, amounting to a one-week price increase of more than 18.79%. The company report on January 13, 2021 that Nikola Positioned To Accelerate Hydrogen Economy.
Competitive electricity price paves the way for hydrogen production in Arizona.
Nikola Corporation (NASDAQ: NKLA) has secured an innovative electric rate schedule with Arizona Public Service Company (“APS”) that makes possible the accelerated development of hydrogen-based fueling solutions for the transportation industry. Nikola is a company dedicated to the advancement of innovative zero-emissions truck solutions and the energy infrastructure required to make this feasible. By facilitating low-cost production of hydrogen, the Arizona Corporation Commission’s (“ACC”) approval of this rate schedule paves the way for the curtailment of greenhouse gases in the transportation sector, while also providing benefits to key constituents via novel grid-balancing solutions.
Over the last 12 months, NKLA stock rose by 96.04%. The one-year Nikola Corporation stock forecast points to a potential upside of 23.92. The average equity rating for NKLA stock is currently 3.00, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $8.41 billion, with 377.66 million shares outstanding and 144.46 million shares in the current float. Compared to the average trading volume of 20.60M shares, NKLA stock reached a trading volume of 12739437 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on 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 $26.67 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 3.00. 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.
Evercore ISI have made an estimate for Nikola Corporation shares, keeping their opinion on the stock as In-line, with their previous recommendation back on December 16, 2020. While these analysts kept the previous recommendation, Loop Capital raised their target price to Buy. The new note on the price target was released on November 20, 2020, representing the official price target for Nikola Corporation stock. Previously, the target price had yet another drop from $45 to $15, while Wedbush kept a Underperform rating on NKLA stock.
The Average True Range (ATR) for Nikola Corporation is set at 1.45, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 58423.93. The Price to Book ratio for the last quarter was 7.09, with the Price to Cash per share for the same quarter was set at 2.19.
NKLA Stock Performance Analysis:
Nikola Corporation [NKLA] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 18.79. With this latest performance, NKLA shares gained by 19.35% in over the last four-week period, additionally sinking by -47.23% over the last 6 months – not to mention a rise of 96.04% 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 57.41, with the RSI for the last a single of trading hit 62.72, and the three-weeks RSI is set at 53.35 for Nikola Corporation [NKLA]. The present Moving Average for the last 50 days of trading for this stock 19.57, while it was recorded at 20.02 for the last single week of trading, and 30.08 for the last 200 days.
Insight into Nikola Corporation Fundamentals:
NKLA Stock EPS
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 Position Details
There are presently around $829 million, or 13.80% 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 $102.3 million in NKLA stocks shares; and COATUE MANAGEMENT LLC, currently with $75.02 million in NKLA stock with ownership of nearly 2744.205% of the company’s market capitalization.
169 institutional holders increased their position in Nikola Corporation [NASDAQ:NKLA] by around 30,701,789 shares. Additionally, 63 investors decreased positions by around 39,456,469 shares, while 23 investors held positions by with 29,286,350 shares. The mentioned changes placed institutional holdings at 40,871,908 shares, according to the latest SEC report filing. NKLA stock had 96 new institutional investments in for a total of 19,407,764 shares, while 48 institutional investors sold positions of 21,082,596 shares during the same period.