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Nikola (NKLA) Dips More Than Broader Markets: What You Should Know

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Nikola (NKLA) closed the most recent trading day at $5.29, moving -0.38% from the previous trading session. This move lagged the S&P 500's daily loss of 0.3%. At the same time, the Dow lost 0.46%, and the tech-heavy Nasdaq lost 0.28%.

Prior to today's trading, shares of the pioneer in zero-emission trucks had lost 6.18% over the past month. This has lagged the Auto-Tires-Trucks sector's gain of 4.85% and the S&P 500's gain of 1.51% in that time.

Wall Street will be looking for positivity from Nikola as it approaches its next earnings report date. This is expected to be August 4, 2022. In that report, analysts expect Nikola to post earnings of -$0.27 per share. This would mark a year-over-year decline of 35%.

It is also important to note the recent changes to analyst estimates for Nikola. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Nikola is currently sporting a Zacks Rank of #3 (Hold).

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 80, which puts it in the top 32% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow NKLA in the coming trading sessions, be sure to utilize Zacks.com.


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