Market Analysts see Nikola Corporation [NKLA] gaining to $12. Time to buy?

Nikola Corporation [NASDAQ: NKLA] slipped around -0.04 points on Friday, while shares priced at $3.06 at the close of the session, down -1.29%. The company report on October 14, 2022 that Nikola Completes Acquisition of Romeo Power.


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Acquisition strengthens Nikola’s vision to pioneer solutions for a zero-emissions world .

Nikola Corporation (Nasdaq: NKLA) (“Nikola”), a provider of zero-emissions transportation and energy infrastructure solutions, today announced the completion of its acquisition of Romeo Power, Inc. (“Romeo”).

Nikola Corporation stock is now -69.00% down from its year-to-date (YTD) trading value. NKLA Stock saw the intraday high of $3.235 and lowest of $2.87 per share. The company’s 52-week high price is 15.56, which means current price is +8.51% above from all time high which was touched on 03/30/22.

Compared to the average trading volume of 11.99M shares, NKLA reached a trading volume of 18129658 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 $10.06 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.

BTIG Research have made an estimate for Nikola Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 14, 2022. While these analysts kept the previous recommendation, RBC Capital Mkts raised their target price from $11 to $8. 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 $12 to $10, while JP Morgan kept a Neutral rating on NKLA stock. On February 25, 2022, analysts decreased their price target for NKLA shares from 19 to 11.

The Average True Range (ATR) for Nikola Corporation is set at 0.31, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 67.19. The Price to Book ratio for the last quarter was 2.17, with the Price to Cash per share for the same quarter was set at 1.01.

How has NKLA stock performed recently?

Nikola Corporation [NKLA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.85. With this latest performance, NKLA shares dropped by -41.38% in over the last four-week period, additionally sinking by -61.85% over the last 6 months – not to mention a drop of -72.65% 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 27.76, with the RSI for the last a single of trading hit 26.57, and the three-weeks RSI is set at 30.58 for Nikola Corporation [NKLA]. The present Moving Average for the last 50 days of trading for this stock 5.06, while it was recorded at 3.03 for the last single week of trading, and 6.82 for the last 200 days.

Nikola Corporation [NKLA]: Deeper insight into the fundamentals

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

Earnings analysis for Nikola Corporation [NKLA]

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%.

Insider trade positions for Nikola Corporation [NKLA]

There are presently around $362 million, or 29.30% 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 2.20% of the total institutional ownership; BLACKROCK INC., holding 17,695,210 shares of the stock with an approximate value of $54.15 million in NKLA stocks shares; and NORGES BANK, currently with $52.14 million in NKLA stock with ownership of nearly 9.618% of the company’s market capitalization.

Positions in Nikola Corporation stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 120 institutional holders increased their position in Nikola Corporation [NASDAQ:NKLA] by around 20,319,593 shares. Additionally, 106 investors decreased positions by around 9,525,316 shares, while 78 investors held positions by with 88,415,092 shares. The mentioned changes placed institutional holdings at 118,260,001 shares, according to the latest SEC report filing. NKLA stock had 35 new institutional investments in for a total of 1,885,799 shares, while 44 institutional investors sold positions of 2,567,403 shares during the same period.

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