What's Going On With Nikola Stock?

Nikola Corporation NKLA shares are slipping to new all-time lows Wednesday. Here's a look at what's going on.

What To Know: Nikola shares have been falling after the company announced it entered into a securities purchase agreement and filed for a mixed shelf offering of up to $500 million last Monday. According to data from Benzinga Pro, the stock is down more than 27% over the past month. 

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The company announced the appointment of Thomas “Tom” Schmitt as chief commercial officer (CCO) of Nikola on Tuesday. Schmitt will oversee the company’s sales, commercial operations, dealerships, service, customer success, and marketing functions.

“Fortifying our commercial team is crucial to our success as we focus on our customers’ experience and expanding the zero-emission Class 8 marketplace,” said Nikola CEO, Stephen Girsky. “Tom brings a solid track record built over the past 35-plus years that will help drive forward Nikola’s strategic and operational goals, inside and out.”

What Else: Earlier this month, Nikola beat expectations on the top and bottom lines for the second quarter and exceeded the high end of its guidance range for vehicle deliveries. 

According to data from Benzinga Pro, Nikola shares are trading well-below the stock’s 50-day moving average of $9.13 at new all-time lows Wednesday.

Will NKLA Stock Go Up?

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

Wall Street analysts have an average 12-month price target of $5.50 on Nikola. The Street high target is currently at $10 and the Street low target is $1. Of all the analysts covering Nikola, no one has positive ratings, 2 have neutral ratings and no one has negative ratings.

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 73.35% 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 9.07% at $6.56 at the time of publication Wednesday.

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