What's Going On With Nikola Stock?

Nikola Corporation NKLA shares are trading lower Thursday. Nikola effected a 1-for-30 reverse stock split after the closing bell Monday and shares commenced trading on a split-adjusted basis Tuesday morning.

What To Know:

Nikola's stock saw a brief rally Wednesday as the broader EV market saw a boost on news of a joint-venture between Rivian Automotive and Volkswagen.  

However, Nikola shares have given back Wednesday gains and continue to fall post-reverse split. The stock is down nearly 50% over the past month. 

The company faces a rocky road ahead and is set to be removed from the Russell 3000 Index. The company's first-quarter  financial results saw a decline in total revenues and a net loss per share of $2.70. 

Nikola will report its second-quarter results later in the summer with analysts anticipating losses of 9 cents per share and revenue of $21.35 million, according to estimates from Benzinga Pro.

Related News: Levi Strauss Stock Plummets On Mixed Q2 Results, Weak Guidance: The Details

Will NKLA Stock Go Up?

When trying to assess whether or not Nikola will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Nikola have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Nikola is 77.92% down year-to-date. The average analyst price target suggests the stock could have further downside ahead.

For a broad overview of everything you need to know about Nikola, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

NKLA Price Action: According to Benzinga Pro, Nikola shares are down 12.8% at $8.64 at the time of publication Thursday.

Image: Courtesy of Nikola Corporation