Why EV Maker Nikola's Stock Is Crashing
Portfolio Pulse from Erica Kollmann
Nikola Corporation (NASDAQ:NKLA) shares are plummeting after the company announced a 1-for-30 reverse stock split, effective June 24. The stock has dropped over 30% in the past month and hit an all-time low of 25 cents. Analysts have a 12-month price target of $1, suggesting potential upside.
June 20, 2024 | 3:00 pm
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Nikola Corporation's stock is crashing following the announcement of a 1-for-30 reverse stock split. The stock has dropped over 30% in the past month and hit an all-time low of 25 cents. Analysts have a 12-month price target of $1, indicating potential upside.
The announcement of a 1-for-30 reverse stock split is generally seen as a negative signal, indicating the company is trying to boost its stock price artificially. This has led to a significant drop in the stock price, which is down over 30% in the past month. However, analysts have a 12-month price target of $1, suggesting there could be potential upside in the long term.
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