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Nikola (NKLA) Gains As Market Dips: What You Should Know

Zacks Equity Research
·2-min read

Nikola (NKLA) closed at $4.76 in the latest trading session, marking a +0.85% move from the prior day. The stock outpaced the S&P 500's daily loss of 0.88%. Elsewhere, the Dow lost 0.82%, while the tech-heavy Nasdaq added 0.08%.

Heading into today, shares of the pioneer in zero-emission trucks had lost 30.28% over the past month, lagging the Auto-Tires-Trucks sector's loss of 7.6% and the S&P 500's loss of 8.06% in that time.

Investors will be hoping for strength from Nikola as it approaches its next earnings release. The company is expected to report EPS of -$0.27, down 35% from the prior-year quarter.

It is also important to note the recent changes to analyst estimates for Nikola. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

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Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Nikola is currently a Zacks Rank #2 (Buy).

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 147, putting it in the bottom 42% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.


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