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Nikola Corporation (NKLA) Gains As Market Dips: What You Should Know
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Nikola Corporation (NKLA - Free Report) closed at $24.25 in the latest trading session, marking a +0.58% move from the prior day. This move outpaced the S&P 500's daily loss of 0.96%. Meanwhile, the Dow lost 0.48%, and the Nasdaq, a tech-heavy index, lost 2.22%.
Prior to today's trading, shares of the company had lost 33.27% over the past month. This has lagged the Auto-Tires-Trucks sector's loss of 3.91% and the S&P 500's loss of 4.04% in that time.
Wall Street will be looking for positivity from NKLA as it approaches its next earnings report date.
It is also important to note the 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. NKLA is holding a Zacks Rank of #4 (Sell) right now.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 113, which puts it in the top 45% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Nikola Corporation (NKLA) Gains As Market Dips: What You Should Know
Nikola Corporation (NKLA - Free Report) closed at $24.25 in the latest trading session, marking a +0.58% move from the prior day. This move outpaced the S&P 500's daily loss of 0.96%. Meanwhile, the Dow lost 0.48%, and the Nasdaq, a tech-heavy index, lost 2.22%.
Prior to today's trading, shares of the company had lost 33.27% over the past month. This has lagged the Auto-Tires-Trucks sector's loss of 3.91% and the S&P 500's loss of 4.04% in that time.
Wall Street will be looking for positivity from NKLA as it approaches its next earnings report date.
It is also important to note the 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. NKLA is holding a Zacks Rank of #4 (Sell) right now.
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 113, which puts it in the top 45% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.