Nikola Corporation [NKLA] Revenue clocked in at $20.00 million, down -69.50% YTD: What’s Next?

Nikola Corporation [NASDAQ: NKLA] jumped around 0.13 points on Friday, while shares priced at $3.01 at the close of the session, up 4.51%. The company report on October 20, 2022 that Nikola Highlights Benefits to Integrated Truck and Energy Business Model from The Inflation Reduction Act.

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The Inflation Reduction Act (IRA) is expected to provide a significant boost to Nikola’s low carbon hydrogen energy business strategy, enabling lower cost hydrogen supply and dispensing infrastructure.

Nikola’s energy business aims to develop access of up to 300 metric-tons of low carbon hydrogen supply and up to 60 hydrogen dispensing stations by 2026.

Nikola Corporation stock is now -69.50% down from its year-to-date (YTD) trading value. NKLA Stock saw the intraday high of $3.04 and lowest of $2.82 per share. The company’s 52-week high price is 15.56, which means current price is +4.65% above from all time high which was touched on 03/30/22.

Compared to the average trading volume of 12.59M shares, NKLA reached a trading volume of 12625710 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 0.28, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 66.09. The Price to Book ratio for the last quarter was 2.13, 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 -1.63. With this latest performance, NKLA shares dropped by -26.23% in over the last four-week period, additionally sinking by -60.81% over the last 6 months – not to mention a drop of -72.83% 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 32.06, with the RSI for the last a single of trading hit 29.53, and the three-weeks RSI is set at 31.10 for Nikola Corporation [NKLA]. The present Moving Average for the last 50 days of trading for this stock 4.63, while it was recorded at 2.95 for the last single week of trading, and 6.64 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 $373 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 23,718,823, which is approximately 19.39% of the company’s market cap and around 2.20% of the total institutional ownership; BLACKROCK INC., holding 17,907,962 shares of the stock with an approximate value of $53.9 million in NKLA stocks shares; and NORGES BANK, currently with $51.29 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 140 institutional holders increased their position in Nikola Corporation [NASDAQ:NKLA] by around 20,124,195 shares. Additionally, 118 investors decreased positions by around 11,435,689 shares, while 85 investors held positions by with 92,460,705 shares. The mentioned changes placed institutional holdings at 124,020,589 shares, according to the latest SEC report filing. NKLA stock had 39 new institutional investments in for a total of 2,022,373 shares, while 47 institutional investors sold positions of 1,955,779 shares during the same period.


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