Nikola Corporation [NKLA] Stock trading around $6.75 per share: What’s Next?

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Nikola Corporation [NASDAQ: NKLA] loss -11.88% on the last trading session, reaching $6.75 price per share at the time. The company report on May 5, 2022 that Nikola Corporation Reports First Quarter 2022 Results.

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Began serial production of the Nikola Tre BEV on March 21.

Received Purchase Orders (POs) for 134 Tre BEVs utilizing California’s HVIP[1] incentive through April.

Nikola Corporation represents 415.15 million in outstanding shares, while the company has a total market value of $3.22 billion with the latest information. NKLA stock price has been found in the range of $6.71 to $7.67.

If compared to the average trading volume of 12.77M shares, NKLA reached a trading volume of 18492450 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $12.88 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.

RBC Capital Mkts have made an estimate for Nikola Corporation shares, keeping their opinion on the stock as Sector Perform, with their previous recommendation back on February 25, 2022. While these analysts kept the previous recommendation, JP Morgan dropped their target price from $12 to $10. The new note on the price target was released on February 25, 2022, representing the official price target for Nikola Corporation stock. Previously, the target price had yet another drop from $19 to $11, while Deutsche Bank kept a Hold rating on NKLA stock. On February 25, 2022, analysts decreased their price target for NKLA shares from 25 to 15.

The Average True Range (ATR) for Nikola Corporation is set at 0.65, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 3224070.00. The Price to Book ratio for the last quarter was 4.50, with the Price to Cash per share for the same quarter was set at 0.75.

Trading performance analysis for NKLA stock

Nikola Corporation [NKLA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.99. With this latest performance, NKLA shares dropped by -27.26% in over the last four-week period, additionally sinking by -56.28% over the last 6 months – not to mention a drop of -41.30% 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 36.42, with the RSI for the last a single of trading hit 33.45, and the three-weeks RSI is set at 39.43 for Nikola Corporation [NKLA]. The present Moving Average for the last 50 days of trading for this stock 8.29, while it was recorded at 7.11 for the last single week of trading, and 9.82 for the last 200 days.

Nikola Corporation [NKLA]: A deeper dive into fundamental analysis

Return on Equity for this stock declined to -82.14, with Return on Assets sitting at -67.18.

Nikola Corporation [NKLA]: An earnings per share (EPS) analysis

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%.

An analysis of insider ownership at Nikola Corporation [NKLA]

There are presently around $736 million, or 27.70% of NKLA stock, in the hands of institutional investors. The top three institutional holders of NKLA stocks are: VANGUARD GROUP INC with ownership of 18,761,608, which is approximately 1.786% of the company’s market cap and around 2.10% of the total institutional ownership; NORGES BANK, holding 17,038,863 shares of the stock with an approximate value of $115.01 million in NKLA stocks shares; and BLACKROCK INC., currently with $99.52 million in NKLA stock with ownership of nearly 8.068% of the company’s market capitalization.

128 institutional holders increased their position in Nikola Corporation [NASDAQ:NKLA] by around 12,391,967 shares. Additionally, 101 investors decreased positions by around 8,086,021 shares, while 83 investors held positions by with 88,586,606 shares. The mentioned changes placed institutional holdings at 109,064,594 shares, according to the latest SEC report filing. NKLA stock had 52 new institutional investments in for a total of 6,884,139 shares, while 38 institutional investors sold positions of 1,943,222 shares during the same period.