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Nikola (NKLA) Gains As Market Dips: What You Should Know
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Nikola (NKLA - Free Report) closed the most recent trading day at $1.29, moving +1.57% from the previous trading session. The stock outperformed the S&P 500, which registered a daily loss of 0.5%. Elsewhere, the Dow saw an upswing of 0.12%, while the tech-heavy Nasdaq depreciated by 1.23%.
Coming into today, shares of the pioneer in zero-emission trucks had gained 10.44% in the past month. In that same time, the Auto-Tires-Trucks sector lost 1.56%, while the S&P 500 lost 2.4%.
Market participants will be closely following the financial results of Nikola in its upcoming release. The company plans to announce its earnings on November 2, 2023. The company is predicted to post an EPS of -$0.15, indicating a 46.43% growth compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $15.52 million, indicating a 35.97% decline compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.71 per share and revenue of $97.76 million, indicating changes of +36.04% and +92.34%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Nikola. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.8% higher. At present, Nikola boasts a Zacks Rank of #2 (Buy).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 182, putting it in the bottom 28% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. 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) Gains As Market Dips: What You Should Know
Nikola (NKLA - Free Report) closed the most recent trading day at $1.29, moving +1.57% from the previous trading session. The stock outperformed the S&P 500, which registered a daily loss of 0.5%. Elsewhere, the Dow saw an upswing of 0.12%, while the tech-heavy Nasdaq depreciated by 1.23%.
Coming into today, shares of the pioneer in zero-emission trucks had gained 10.44% in the past month. In that same time, the Auto-Tires-Trucks sector lost 1.56%, while the S&P 500 lost 2.4%.
Market participants will be closely following the financial results of Nikola in its upcoming release. The company plans to announce its earnings on November 2, 2023. The company is predicted to post an EPS of -$0.15, indicating a 46.43% growth compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $15.52 million, indicating a 35.97% decline compared to the corresponding quarter of the prior year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of -$0.71 per share and revenue of $97.76 million, indicating changes of +36.04% and +92.34%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Nikola. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.8% higher. At present, Nikola boasts a Zacks Rank of #2 (Buy).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 182, putting it in the bottom 28% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. 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.