What's Going On With Nikola Stock?
Portfolio Pulse from Erica Kollmann
Nikola Corporation (NASDAQ:NKLA) shares are trading lower following a 1-for-30 reverse stock split. Despite a brief rally due to broader EV market news, the stock continues to fall and is down nearly 50% over the past month. The company faces challenges including removal from the Russell 3000 Index and declining financials.
June 27, 2024 | 7:47 pm
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Nikola Corporation shares are trading lower following a 1-for-30 reverse stock split. The stock is down nearly 50% over the past month and faces removal from the Russell 3000 Index. The company's financials are declining, with a net loss per share of $2.70 in Q1 and anticipated losses in Q2.
The reverse stock split and removal from the Russell 3000 Index are significant negative events. Combined with declining financials and a substantial drop in stock price, the short-term outlook for NKLA is bearish.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100