Are Nikola Corp (NASDAQ: NKLA) Shares Ready For A Price Rise?

In the last trading session, 67.62 million Nikola Corp (NASDAQ:NKLA) shares changed hands as the company’s beta touched 1.96. With the company’s per share price at $0.72 changed hands at $0.01 or 1.59% during last session, the market valuation stood at $833.49M. NKLA’s last price was a discount, traded about -415.28% off its 52-week high of $3.71. The share price had its 52-week low at $0.52, which suggests the last value was 27.78% up since then. When we look at Nikola Corp’s average trading volume, we note the 10-day average is 77.49 million shares, with the 3-month average coming to 0.69.

Nikola Corp (NASDAQ:NKLA) trade information

Instantly NKLA was in green as seen at the end of in last trading. With action -1.11%, the performance over the past five days has been red. The jump to weekly highs of 0.7330 added 1.59% to the stock’s daily price. The company’s shares are showing year-to-date downside of -17.70%, with the 5-day performance at -1.11% in the red. However, in the 30-day time frame, Nikola Corp (NASDAQ:NKLA) is -7.34% down. Looking at the short shares, we see there were 217.46 million shares sold at short interest cover period of 2.17 days.

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Nikola Corp (NKLA) estimates and forecasts

Data shows that the Nikola Corp 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 -63.27% over the past 6 months, a 18.92% in annual growth rate that is considerably higher than the industry average of 7.10%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Nikola Corp will rise 64.90%, while the growth in revenue is estimated to hit 61.50% for the next quarter. Year-over-year growth is forecast to reach -24.40% down 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 $12.64 million. 3 analysts are of the opinion that Nikola Corp’s revenue for the quarter ending Mar 2024 will be $28.71 million. The company’s revenue for the corresponding quarters a year ago was $6.56 million and $11.12 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 92.60%. The estimates for the next quarter sales put growth at 158.30%.

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