EV-Maker Nikola's Stock Hits New All-Time Low: What's Going On?
Portfolio Pulse from Erica Kollmann
Nikola Corporation (NASDAQ:NKLA) shares hit new all-time lows following a 1-for-30 reverse stock split aimed at regaining Nasdaq compliance. Despite delivering a hydrogen fuel cell-powered electric semi-truck to Walmart Canada, the stock continues to decline, trading well below its 50-day moving average. Analysts have a 12-month price target of $1, suggesting further downside.
July 01, 2024 | 3:17 pm
News sentiment analysis
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NEGATIVE IMPACT
Nikola's stock has hit new all-time lows following a 1-for-30 reverse stock split. Despite delivering a hydrogen fuel cell-powered electric semi-truck to Walmart Canada, the stock continues to decline, trading well below its 50-day moving average. Analysts have a 12-month price target of $1, indicating potential further downside.
The reverse stock split and continued downward momentum have significantly impacted investor sentiment. The stock trading well below its 50-day moving average and analysts' low price targets suggest further downside. The delivery to Walmart Canada is a positive development but insufficient to counteract the negative sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100