Nikola's Stock Hits All-Time Low: What's Going On?

Author: Erica Kollmann | May 29, 2024 11:20am

Nikola Corporation (NASDAQ:NKLA) shares are trading lower Wednesday, and the stock is down more than 20% over the past month. Here's a look at what's going on.

The Details:

Nikola shares have fallen after the EV-maker reported worse-than-expected first-quarter financial results on May 7. The company reported sales of $7.5 million, compared to $10.7 million a year ago, and well-below the analyst consensus estimate of $15.8 million for the quarter.

The stock saw some brief gains during the "meme stock" rally in May and after announcing an order for 100 of the company's EVs, however, the stock remains down by 24% over the past month.

Nikola shares are trading at a new all-time low of 49 cents Wednesday with 22.63% of shares being sold short, according to data from Benzinga Pro.

Will NKLA Stock Go Up?

When trying to assess whether or not Nikola will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $1.00 on Nikola. In the last month, no analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Nikola have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Nikola is 19.36% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Nikola, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

NKLA Price Action: According to Benzinga Pro, Nikola shares are down 2.9% at 50 cents at the time of publication Wednesday.

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Posted In: NKLA