Nikola Corp (NASDAQ: NKLA): A Suicide Machine Or A Millionaire’s Dream?

In the last trading session, 188.04 million shares of the Nikola Corp (NASDAQ:NKLA) were traded, and its beta was 2.00. Most recently the company’s share price was $0.97, and it changed around -$0.06 or -5.48% from the last close, which brings the market valuation of the company to $1.30B. NKLA currently trades at a discount to its 52-week high of $3.71, offering almost -282.47% off that amount. The share price’s 52-week low was $0.52, which indicates that the current value has risen by an impressive 46.39% since then. We note from Nikola Corp’s average daily trading volume that its 10-day average is 121.08 million shares, with the 3-month average coming to 93.87 million.

Nikola Corp (NASDAQ:NKLA) trade information

Instantly NKLA has showed a red trend with a performance of -5.48% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 11.29% year-to-date, but still up 30.93% over the last five days. On the other hand, Nikola Corp (NASDAQ:NKLA) is 33.02% up in the 30-day period. We can see from the shorts that 252.38 million shares have been sold at a short interest cover period of 2.75 day(s).

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The consensus price target as assigned by Wall Street analysts is $10, which translates to bulls needing to increase their stock price by 90.3% from its current value. Analyst projections state that NKLA is forecast to be at a low of $8 and a high of $12.

Nikola Corp (NKLA) estimates and forecasts

Nikola Corp share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -37.99 percent over the past six months and at a 46.84% annual growth rate that is well above the industry average of 11.40%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 65.40% in revenue this quarter, and will report an increase of 50.00% in the next quarter. The year-over-year growth rate is expected to be 373.60%, up from the previous year.

Consensus estimates provided by 6 financial analysts predict the company will bring in an average of $13.35 million in revenue for the current quarter. 6 analysts expect Nikola Corp to make $23.9 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $11.12 million and $15.43 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 20.10%. Forecasts for the next quarter put sales growth at 54.90%.

NKLA Dividends

Nikola Corp’s next quarterly earnings report is expected to be released around May 07 and May 13.

Nikola Corp (NASDAQ:NKLA)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 7.46% of Nikola Corp shares, and 33.55% of them are in the hands of institutional investors. The stock currently has a share float of 36.25%. Nikola Corp stock is held by 340 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 5.72% of the shares, which is about 44.62 million shares worth $61.58 million.

Blackrock Inc., with 5.55% or 43.28 million shares worth $59.72 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 20.23 million shares worth $27.92 million, making up 2.60% of all outstanding shares. On the other hand, iShares Russell 2000 ETF held roughly 13.57 million shares worth around $16.01 million, which represents about 1.74% of the total shares outstanding.