Nikola Corporation [NASDAQ: NKLA] surged by $0.02 during the normal trading session on Monday and reaching a high of $18.915 during the day while it closed the day at $18.12. The company report on February 27, 2021 that NIKOLA INVESTIGATION INITIATED by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Investigates the Officers and Directors of Nikola Corporation – NKLA, NKLAW.
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Nikola Corporation (NasdaqGS: NKLA, NKLAW) f/k/a VectoIQ Acquisition Corp. (NasdaqCM: VTIQ, VTIQW, VTIQU).
On September 10, 2020, Hindenburg Research published a report alleging that evidence showed the Company was “an intricate fraud built on dozens of lies.” Subsequently, it was reported that the Company was the subject of probes by both the U.S. Securities and Exchange Commission and the Justice Department. Then, on September 21, 2020, the Company announced the sudden resignation of Founder and Executive Chairman, Trevor Milton.
Nikola Corporation stock has also loss -13.38% of its value over the past 7 days. However, NKLA stock has declined by -40.08% in the 3 months of the year. Over the past six months meanwhile, it has lost -53.90% and gained 18.74% year-on date.
The market cap for NKLA stock reached $7.58 billion, with 377.66 million shares outstanding and 144.44 million shares in the current float. Compared to the average trading volume of 18.27M shares, NKLA reached a trading volume of 10283893 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 $28.33 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 2.70. 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 February 01, 2021. While these analysts kept the previous recommendation, Evercore ISI raised their target price to In-line. The new note on the price target was released on December 16, 2020, representing the official price target for Nikola Corporation stock. Previously, the target price had yet another raise to $35, while Loop Capital analysts kept a Buy rating on NKLA stock. On September 24, 2020, analysts decreased their price target for NKLA shares from 45 to 15.
The Average True Range (ATR) for Nikola Corporation is set at 1.86, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 52656.22. The Price to Book ratio for the last quarter was 6.34, with the Price to Cash per share for the same quarter was set at 2.17.
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 -13.38. With this latest performance, NKLA shares dropped by -21.83% in over the last four-week period, additionally sinking by -53.90% over the last 6 months – not to mention a rise of 74.73% 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 38.57, with the RSI for the last a single of trading hit 32.22, and the three-weeks RSI is set at 42.51 for Nikola Corporation [NKLA]. The present Moving Average for the last 50 days of trading for this stock 19.91, while it was recorded at 19.36 for the last single week of trading, and 31.20 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 $922 million, or 13.60% of NKLA stock, in the hands of institutional investors. The top three institutional holders of NKLA stocks are: VANGUARD GROUP INC with ownership of 14,045,793, which is approximately 13.419% of the company’s market cap and around 0.80% of the total institutional ownership; INCLUSIVE CAPITAL PARTNERS, L.P., holding 10,275,437 shares of the stock with an approximate value of $186.19 million in NKLA stocks shares; and FMR LLC, currently with $53.66 million in NKLA stock with ownership of nearly -41.26% of the company’s market capitalization.
137 institutional holders increased their position in Nikola Corporation [NASDAQ:NKLA] by around 23,921,839 shares. Additionally, 106 investors decreased positions by around 13,900,695 shares, while 43 investors held positions by with 13,068,718 shares. The mentioned changes placed institutional holdings at 50,891,252 shares, according to the latest SEC report filing. NKLA stock had 80 new institutional investments in for a total of 17,300,934 shares, while 59 institutional investors sold positions of 8,298,733 shares during the same period.