Nikola Corp (NASDAQ: NKLA) stock jumped 1.96% on Friday to $1.04 against a previous-day closing price of $1.02. With 20.67 million shares changed hands, the volume of the stock remained lighter than its average volume of 65.97 million shares. During the session, the Farm & Heavy Construction Machinery company that operates in wider Industrials sector, reached to the highest price of $1.0500 whereas the lowest price it dropped to was $1.0000. The 52-week range on NKLA shows that it touched its highest point at $3.71 and its lowest point at $0.52 during that stretch. It currently has a 1-year price target of $2.20. Beta for the stock currently stands at 1.90.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of NKLA was up-trending over the past week, with a rise of 7.69%, but this was down by -1.89% over a month. Three-month performance dropped to -31.13% while six-month performance rose 37.15%. The stock lost -65.22% in the past year, while it has lost -51.85% so far this year. A look at the trailing 12-month EPS for NKLA yields -1.57 with Next year EPS estimates of -0.42. For the next quarter, that number is -0.13. This implies an EPS growth rate of 20.13% for this year and 52.07% for next year.
Float and Shares Shorts:
At present, 985.20 million NKLA shares are outstanding with a float of 870.69 million shares on hand for trading. On Oct 30, 2023, short shares totaled 181.4 million, which was 17.85% higher than short shares on Sep 28, 2023. In addition to Mr. Stephen J. Girsky as the firm’s President, CEO & Director, Mr. Britton M. Worthen Esq. serves as its Chief Legal Officer & Secretary.
Institutional Ownership:
Through their ownership of 27.96% of NKLA’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 16.48% of NKLA, in contrast to 13.92% held by mutual funds. Shares owned by individuals account for 10.36%. As the largest shareholder in NKLA with 5.65% of the stake, The Vanguard Group, Inc. holds 55,691,742 shares worth 55,691,742. A second-largest stockholder of NKLA, BlackRock Fund Advisors, holds 42,563,216 shares, controlling over 4.32% of the firm’s shares. Norges Bank Investment Management is the third largest shareholder in NKLA, holding 33,581,371 shares or 3.41% stake. With a 3.41% stake in NKLA, the Government Pension Fund – Global is the largest stakeholder. A total of 33,581,370 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 2.45% of NKLA stock, is the second-largest Mutual Fund holder. It holds 24,095,747 shares valued at 26.02 million. iShares Russell 2000 ETF holds 1.45% of the stake in NKLA, owning 14,309,156 shares worth 15.45 million.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for NKLA since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With NKLA analysts setting a high price target of $4.00 and a low target of $1.00, the average target price over the next 12 months is $2.20. Based on these targets, NKLA could surge 284.62% to reach the target high and fall by -3.85% to reach the target low. Reaching the average price target will result in a growth of 111.54% from current levels.
Summary of Insider Activity:
Insiders traded NKLA stock several times over the past three months with 3 Buys and 1 Sells. In these transactions, 575,350 shares were bought while 6,709 shares were sold. The number of buy transactions has increased to 40 while that of sell transactions has risen to 71 over the past year. The total number of shares bought during that period was 3,997,431 while 3,640,497 shares were sold.
