In the last trading session, 270.81 million Nikola Corporation (NASDAQ:NKLA) shares changed hands as the company’s beta touched 2.01. With the company’s per share price at $1.19 changed hands at $0.04 or 3.48% during last session, the market valuation stood at $984.80M. NKLA’s last price was a discount, traded about -357.98% off its 52-week high of $5.45. The share price had its 52-week low at $0.52, which suggests the last value was 56.3% up since then. When we look at Nikola Corporation’s average trading volume, we note the 10-day average is 109.52 million shares, with the 3-month average coming to 89.57 million.
Analysts gave the Nikola Corporation (NKLA) stock a consensus recommendation rating of a Hold, calculated at a mean rating of 2.90. If we narrow down to specifics, the data shows that 1 out of 8 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 6 recommended NKLA as a Hold, 1 felt it is a Buy and 0 rated the stock as Underweight. Nikola Corporation’s EPS for the current quarter is expected to be -$0.15.
Nikola Corporation (NASDAQ:NKLA) trade information
Instantly NKLA was in green as seen at the end of in last trading. With action 35.21%, the performance over the past five days has been green. The jump to weekly highs of 1.3800 on Friday, 09/15/23 added 3.48% to the stock’s daily price. The company’s shares are showing year-to-date downside of -44.91%, with the 5-day performance at 35.21% in the green. However, in the 30-day time frame, Nikola Corporation (NASDAQ:NKLA) is -38.66% down. Looking at the short shares, we see there were 150.27 million shares sold at short interest cover period of 1.79 days.
The consensus price target for the stock as assigned by Wall Street analysts is $2.70, meaning bulls need an upside of 55.93% from its current market value. According to analyst projections, NKLA’s forecast low is $1.00 with $5.00 as the target high. To hit the forecast high, the stock’s price needs a -320.17% plunge from its current level, while the stock would need to tank 15.97% for it to hit the projected low.
Nikola Corporation (NKLA) estimates and forecasts
Data shows that the Nikola Corporation share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -32.00% over the past 6 months, a 36.04% in annual growth rate that is considerably higher than the industry average of 15.90%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Nikola Corporation will rise 46.40%, while the growth in revenue is estimated to hit 67.60% for the next quarter. Year-over-year growth is forecast to reach 138.90% up from the last financial year.
Consensus estimates given by 5 financial analysts project the company’s revenue in the current quarter to hit an average of $23.51 million. 6 analysts are of the opinion that Nikola Corporation’s revenue for the quarter ending Dec 2023 will be $67.14 million. The company’s revenue for the corresponding quarters a year ago was $22.14 million and $6.56 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 6.20%. The estimates for the next quarter sales put growth at 923.00%.
The 2023 estimates are for Nikola Corporation earnings to decrease by -2.50%, but the outlook for the next 5-year period is at 20.59% per year.
Nikola Corporation is expected to release its next quarterly earnings report in October.
Nikola Corporation (NASDAQ:NKLA)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 13.83% of Nikola Corporation shares while 27.96% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 32.45%. There are 27.96% institutions holding the Nikola Corporation stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 5.72% of the shares, roughly 44.62 million NKLA shares worth $61.58 million.
Blackrock Inc. holds the second largest percentage of outstanding shares, with 5.55% or 43.28 million shares worth $59.72 million as of Jun 29, 2023.
Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF. With 20.23 million shares estimated at $27.92 million under it, the former controlled 2.60% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 1.74% of the shares, roughly 13.55 million shares worth around $36.17 million.