What's Going On With EV-Maker Nikola Stock?

Nikola Corporation NKLA shares are trading higher Monday with other EV stocks. Here’s a look at what’s going on.

The Details:

Shares of many EV makers are trading higher Monday, and investors are buzzing about a report from CleanTechnica which states that full battery-electric vehicle sales rose by 29% year-over-year in the fourth quarter of 2023.

Last Wednesday, Baird analyst Ben Kallo initiated coverage on Nikola with an Outperform rating and announced a price target of $2. The analyst noted potential catalysts ahead for Nikola’s EV truck and energy businesses in the form of manufacturing improvements, partnership announcements and hydrogen infrastructure build-out.

Nikola has grabbed the interest of short-sellers with 28.42% of available Nikola shares being sold short, according to the latest data from Benzinga Pro. High short-interest can contribute to large price moves, especially when combined with heavy trading volume.

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Is NKLA A Good Buy: Wall Street analysts view Nikola NKLA on the whole as a Outperform, given the history of coverage over the past three months. Ben Kallo from Baird is the most optimistic in Nikola.

But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Nikola fell 30.48%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which fell 107.14% over the past year.

A complete overview of how Wall Street views individual stocks is available here, while real time updates on the latest analyst actions will be delivered via Benzinga PRO. Try it for free.

NKLA Price Action: According to Benzinga Pro, Nikola shares are up 9.12% at 77 cents at the time of publication.

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