Nikola Corporation [NKLA] Revenue clocked in at $20.00 million, down -30.80% YTD: What’s Next?

Nikola Corporation [NASDAQ: NKLA] surged by $0.14 during the normal trading session on Friday and reaching a high of $7.28 during the day while it closed the day at $6.83. The company report on August 10, 2022 that Nikola Announces Leadership Succession; Michael Lohscheller to Become CEO.

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Mark Russell to retire as Chief Executive Officer of Nikola Corporation, effective January 1, 2023.

Michael Lohscheller, current Nikola Motor President, named successor; will assume President title, effective immediately.

Nikola Corporation stock has also loss -15.16% of its value over the past 7 days. However, NKLA stock has inclined by 23.06% in the 3 months of the year. Over the past six months meanwhile, it has lost -13.87% and lost -30.80% year-on date.

The market cap for NKLA stock reached $2.90 billion, with 425.32 million shares outstanding and 260.05 million shares in the current float. Compared to the average trading volume of 11.16M shares, NKLA reached a trading volume of 18204301 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 $10.44 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 0.55, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 145.00. The Price to Book ratio for the last quarter was 4.84, with the Price to Cash per share for the same quarter was set at 1.04.

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 -15.16. With this latest performance, NKLA shares gained by 29.11% in over the last four-week period, additionally sinking by -13.87% over the last 6 months – not to mention a drop of -31.36% 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 54.35, with the RSI for the last a single of trading hit 51.60, and the three-weeks RSI is set at 54.14 for Nikola Corporation [NKLA]. The present Moving Average for the last 50 days of trading for this stock 6.01, while it was recorded at 7.05 for the last single week of trading, and 8.25 for the last 200 days.

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

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

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 $801 million, or 26.40% of NKLA stock, in the hands of institutional investors. The top three institutional holders of NKLA stocks are: VANGUARD GROUP INC with ownership of 23,062,018, which is approximately 20.719% of the company’s market cap and around 2.00% of the total institutional ownership; BLACKROCK INC., holding 17,695,210 shares of the stock with an approximate value of $120.86 million in NKLA stocks shares; and NORGES BANK, currently with $116.38 million in NKLA stock with ownership of nearly 14.557% of the company’s market capitalization.

Positions in Nikola Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 127 institutional holders increased their position in Nikola Corporation [NASDAQ:NKLA] by around 19,797,640 shares. Additionally, 100 investors decreased positions by around 9,597,133 shares, while 81 investors held positions by with 87,883,287 shares. The mentioned changes placed institutional holdings at 117,278,060 shares, according to the latest SEC report filing. NKLA stock had 38 new institutional investments in for a total of 2,623,818 shares, while 39 institutional investors sold positions of 2,093,777 shares during the same period.


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