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Nikola (NKLA) Outpaces Stock Market Gains: What You Should Know
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Nikola (NKLA - Free Report) closed at $20.72 in the latest trading session, marking a +1.27% move from the prior day. This move outpaced the S&P 500's daily gain of 0.47%. Elsewhere, the Dow gained 0.4%, while the tech-heavy Nasdaq added 0.33%.
Coming into today, shares of the company had lost 25.82% in the past month. In that same time, the Auto-Tires-Trucks sector lost 2.39%, while the S&P 500 gained 3.42%.
NKLA will be looking to display strength as it nears its next earnings release, which is expected to be November 9, 2020.
Investors might also notice recent changes to analyst estimates for NKLA. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. The Zacks Consensus EPS estimate has moved 8.92% lower 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 60, which puts it in the top 24% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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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Nikola (NKLA) Outpaces Stock Market Gains: What You Should Know
Nikola (NKLA - Free Report) closed at $20.72 in the latest trading session, marking a +1.27% move from the prior day. This move outpaced the S&P 500's daily gain of 0.47%. Elsewhere, the Dow gained 0.4%, while the tech-heavy Nasdaq added 0.33%.
Coming into today, shares of the company had lost 25.82% in the past month. In that same time, the Auto-Tires-Trucks sector lost 2.39%, while the S&P 500 gained 3.42%.
NKLA will be looking to display strength as it nears its next earnings release, which is expected to be November 9, 2020.
Investors might also notice recent changes to analyst estimates for NKLA. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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. The Zacks Consensus EPS estimate has moved 8.92% lower 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 60, which puts it in the top 24% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.