Nikola Corporation [NASDAQ: NKLA] stock went on a downward path that fall over -8.68% on Tuesday, amounting to a one-week price decrease of less than -22.83%. The company report on August 3, 2021 that Nikola Corporation Reports Second Quarter 2021 Results.
Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation solutions, reported financial results for the quarter ended June 30, 2021.
“During the second quarter Nikola continued to pave the way and solidify our place as a global leader in zero-emissions transportation solutions,” said Mark Russell, Nikola’s Chief Executive Officer. “We have had continued success in commissioning and validating the Nikola Tre BEVs, completed both our Ulm, Germany and Phase 0.5 of our Coolidge, Arizona manufacturing facilities, entered into a purchase agreement with Tumim Stone Capital LLC for up to $300 million of Nikola common stock, and acquired a 20% stake in the Wabash Valley Resources clean hydrogen project in West Terra Haute, Indiana.”.
Over the last 12 months, NKLA stock dropped by -72.02%. The one-year Nikola Corporation stock forecast points to a potential upside of 43.72. The average equity rating for NKLA stock is currently 2.60, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $4.09 billion, with 392.19 million shares outstanding and 185.84 million shares in the current float. Compared to the average trading volume of 11.55M shares, NKLA stock reached a trading volume of 30622784 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 $18.14 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.
BTIG Research have made an estimate for Nikola Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 28, 2021. While these analysts kept the previous recommendation, Vertical Research raised their target price to Buy. The new note on the price target was released on March 26, 2021, representing the official price target for Nikola Corporation stock. Previously, the target price had yet another drop from $33 to $30, while JP Morgan kept a Overweight rating on NKLA stock. On February 01, 2021, analysts increased their price target for NKLA shares from 15 to 25.
The Average True Range (ATR) for Nikola Corporation is set at 1.03, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 110546.71. The Price to Book ratio for the last quarter was 4.38, with the Price to Cash per share for the same quarter was set at 1.91.
NKLA Stock Performance Analysis:
Nikola Corporation [NKLA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -22.83. With this latest performance, NKLA shares dropped by -37.90% in over the last four-week period, additionally sinking by -55.61% over the last 6 months – not to mention a drop of -72.02% 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 27.36, with the RSI for the last a single of trading hit 21.06, and the three-weeks RSI is set at 32.90 for Nikola Corporation [NKLA]. The present Moving Average for the last 50 days of trading for this stock 15.46, while it was recorded at 11.90 for the last single week of trading, and 17.10 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 $810 million, or 20.70% of NKLA stock, in the hands of institutional investors. The top three institutional holders of NKLA stocks are: NORGES BANK with ownership of 17,038,863, which is approximately New of the company’s market cap and around 1.80% of the total institutional ownership; VANGUARD GROUP INC, holding 14,452,133 shares of the stock with an approximate value of $147.56 million in NKLA stocks shares; and INCLUSIVE CAPITAL PARTNERS, L.P., currently with $104.91 million in NKLA stock with ownership of nearly 0% of the company’s market capitalization.
126 institutional holders increased their position in Nikola Corporation [NASDAQ:NKLA] by around 35,976,943 shares. Additionally, 95 investors decreased positions by around 9,754,253 shares, while 68 investors held positions by with 33,612,314 shares. The mentioned changes placed institutional holdings at 79,343,510 shares, according to the latest SEC report filing. NKLA stock had 56 new institutional investments in for a total of 21,228,042 shares, while 49 institutional investors sold positions of 3,221,303 shares during the same period.