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Why Nikola (NKLA) Dipped More Than Broader Market Today
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Nikola (NKLA - Free Report) closed the latest trading day at $1.03, indicating a -1.9% change from the previous session's end. The stock's performance was behind the S&P 500's daily loss of 0.48%. Elsewhere, the Dow lost 1.12%, while the tech-heavy Nasdaq added 0.38%.
Prior to today's trading, shares of the pioneer in zero-emission trucks had lost 36.36% over the past month. This has lagged the Auto-Tires-Trucks sector's loss of 9.05% and the S&P 500's loss of 2.65% in that time.
The investment community will be closely monitoring the performance of Nikola in its forthcoming earnings report. The company is scheduled to release its earnings on November 2, 2023. The company is expected to report EPS of -$0.15, up 46.43% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $15.52 million, reflecting a 35.97% fall from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of -$0.71 per share and a revenue of $97.76 million, demonstrating changes of +36.04% and +92.34%, respectively, from the preceding year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Nikola. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.8% higher. Nikola is currently sporting 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 162, putting it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Why Nikola (NKLA) Dipped More Than Broader Market Today
Nikola (NKLA - Free Report) closed the latest trading day at $1.03, indicating a -1.9% change from the previous session's end. The stock's performance was behind the S&P 500's daily loss of 0.48%. Elsewhere, the Dow lost 1.12%, while the tech-heavy Nasdaq added 0.38%.
Prior to today's trading, shares of the pioneer in zero-emission trucks had lost 36.36% over the past month. This has lagged the Auto-Tires-Trucks sector's loss of 9.05% and the S&P 500's loss of 2.65% in that time.
The investment community will be closely monitoring the performance of Nikola in its forthcoming earnings report. The company is scheduled to release its earnings on November 2, 2023. The company is expected to report EPS of -$0.15, up 46.43% from the prior-year quarter. At the same time, our most recent consensus estimate is projecting a revenue of $15.52 million, reflecting a 35.97% fall from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates project earnings of -$0.71 per share and a revenue of $97.76 million, demonstrating changes of +36.04% and +92.34%, respectively, from the preceding year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Nikola. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.8% higher. Nikola is currently sporting 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 162, putting it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.