Nikola Corporation (NKLA) closed the most recent trading day at $24.66, moving -1.36% from the previous trading session. This change lagged the S&P 500’s daily gain of 0.88%. Meanwhile, the Dow gained 0.57%, and the Nasdaq, a tech-heavy index, added 1.39%.
Prior to today’s trading, shares of the company had lost 33.46% over the past month. This has lagged the Auto-Tires-Trucks sector’s gain of 8.2% and the S&P 500’s gain of 3.54% in that time.
Wall Street will be looking for positivity from NKLA as it approaches its next earnings report date.
Investors should also note any recent changes to analyst estimates for NKLA. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company’s business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. NKLA currently has a Zacks Rank of #3 (Hold).
The Automotive – Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 47, which puts it in the top 19% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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