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Nikola (NKLA) Gains As Market Dips: What You Should Know

·2 min read

In the latest trading session, Nikola (NKLA) closed at $5.49, marking a +1.29% move from the previous day. This move outpaced the S&P 500's daily loss of 0.08%. Meanwhile, the Dow lost 0.15%, and the Nasdaq, a tech-heavy index, lost 0.04%.

Prior to today's trading, shares of the pioneer in zero-emission trucks had lost 18.25% over the past month. This has lagged the Auto-Tires-Trucks sector's loss of 3.14% and the S&P 500's loss of 6.03% in that time.

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

Investors should also note any recent changes to analyst estimates for Nikola. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

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. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Nikola is currently a Zacks Rank #2 (Buy).

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 160, which puts it in the bottom 37% 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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