With the current price of $39.31, the stock of Nikola Corporation (NASDAQ:NKLA) concluded the trading session seeing its price rise by 0.49 points or at a gain of 1.26% compared to its previous day’s closing price of $38.82. About 8.275 million shares of the stock changed hands on the day. The trading volume of NKLA’s shares during the past session compares with the stock’s average daily trading volume of 19.559 million shares. On the other hand, a float of 88.08 million shares and a weekly performance of -3.98% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $58.33 for NKLA’s share which suggests that the stock, price of which is currently buoying between $37.22 and $39.85, has a potential to gain 48.38%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $45 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Nikola Corporation’s stock is trending downward as short interest in NKLA shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the NKLA is currently comprised of 15.89% of the float as the volume of shorted shares declined by -1849798 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 12.15 million shares from the previous figure of 14 million shares. Stock’s average intraday volume is now standing at 26.158 million shares which indicate that the days to cover the shorts are nearly 1.
After concluding the day’s trading, price of Nikola Corporation (NASDAQ:NKLA) is down -$1.63 over the week and it is $10.25 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $93.99 that was attained on 06/09/20.
The stock has traded as low as $10.17 in past 52-week, and its current price is 286.53% above from that 52-week low price mark recorded on 09/04/19, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 0. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 43.5 as 14-days RSI of Nikola Corporation. This means that the NKLA is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 27.68%, implying stock’s share price is buoying in an overbought state.
Technical chart is showing 1st resistance point of $40.37 for the NKLA’s share while placing it at a 2nd resistance point of $41.42 to be settled at. But if the stock takes a plunge lower than the 1st support price of $37.74 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $36.16.
MACD oscillator is showing a reading of -1.36 for the stock which means that it is currently in the red zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Wedbush started covering the NKLA stock on August 26, recommending Neutral rating for it while assigning the price target of $45. The stock gets a Hold recommendation from analysts at Deutsche Bank who started covering the stock with a target price of $54 in their July 16 note to investors.JP Morgananalysts upgraded their recommendation from Neutral to Overweight on July 08, while assigning a price target of $45.
The average rating of 2.33 for NKLA is placing the stock in bullish category at the moment. In a poll by Reuters including 5 analysts in it who kept tracking the Nikola Corporation, 3 rated the stock as hold. Others were in different opinions for the NKLA. Out of remaining 2 analysts, 2 rated the stock as a buy or strong buy. 0 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that NKLA stock is lagging behind current price-to-sales (P/S) ratio of 0 is at the rear of industry’s average P/S ratio of 60.5. A comparison of Nikola Corporation’s trailing 12-months P/E ratio of 0 implies that it is trading above the industry’s average P/E ratio, which currently is 2.3.