Nikola Corp [NKLA] Revenue clocked in at $31.31 million, down -54.93% YTD: What’s Next?

Nikola Corp [NASDAQ: NKLA] price surged by 3.57 percent to reach at $0.03. The company report on November 2, 2023 at 9:00 AM that Nikola Corporation Reports Third Quarter 2023 Results.

During Q3 raised $250M, increasing unrestricted cash by $136.2M, and tripling unrestricted cash since Q1 2023.

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Continue to see strong demand for Nikola zero-emissions trucks propelled by regulation and incentive tailwinds.

A sum of 52221259 shares traded at recent session while its average daily volume was at 65.02M shares. Nikola Corp shares reached a high of $1.04 and dropped to a low of $0.9394 until finishing in the latest session at $0.97.

The one-year NKLA stock forecast points to a potential upside of 55.91. The average equity rating for NKLA stock is currently 2.71, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Nikola Corp [NKLA]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NKLA shares is $2.20 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 2.71. 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.

TD Cowen have made an estimate for Nikola Corp shares, keeping their opinion on the stock as Market Perform, with their previous recommendation back on May 10, 2023.

The Average True Range (ATR) for Nikola Corp is set at 0.10, with the Price to Sales ratio for NKLA stock in the period of the last 12 months amounting to 30.64. The Price to Book ratio for the last quarter was 1.60, with the Price to Cash per share for the same quarter was set at 0.37.

NKLA Stock Performance Analysis:

Nikola Corp [NKLA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -4.55. With this latest performance, NKLA shares dropped by -2.64% in over the last four-week period, additionally plugging by 58.23% over the last 6 months – not to mention a drop of -57.67% 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 42.23, with the RSI for the last a single of trading hit 40.99, and the three-weeks RSI is set at 42.50 for Nikola Corp [NKLA]. The present Moving Average for the last 50 days of trading for this stock 1.1982, while it was recorded at 0.9740 for the last single week of trading, and 1.4021 for the last 200 days.

Insight into Nikola Corp Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Nikola Corp [NKLA] shares currently have an operating margin of -1427.45 and a Gross Margin at -251.96. Nikola Corp’s Net Margin is presently recorded at -1543.02.

Return on Total Capital for NKLA is now -88.99, given the latest momentum, and Return on Invested Capital for the company is -100.08. Return on Equity for this stock declined to -128.56, with Return on Assets sitting at -69.50. When it comes to the capital structure of this company, Nikola Corp [NKLA] has a Total Debt to Total Equity ratio set at 72.74. Additionally, NKLA Total Debt to Total Capital is recorded at 42.11, with Total Debt to Total Assets ending up at 30.30. Long-Term Debt to Equity for the company is recorded at 60.75, with the Long-Term Debt to Total Capital now at 35.17.

Reflecting on the efficiency of the workforce at the company, Nikola Corp [NKLA] managed to generate an average of -$522,825 per employee. Receivables Turnover for the company is 2.06 with a Total Asset Turnover recorded at a value of 0.05.Nikola Corp’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.41 and a Current Ratio set at 1.60.

Nikola Corp [NKLA] Institutonal Ownership Details

The top three institutional holders of NKLA stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in NKLA stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in NKLA stock with ownership which is approximately 5.7994%.