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In the latest trading session, Nikola (NKLA) closed at $5.61, marking a -1.06% move from the previous day. This change lagged the S&P 500's daily gain of 3.06%. Elsewhere, the Dow gained 2.68%, while the tech-heavy Nasdaq added 0.05%.
Prior to today's trading, shares of the pioneer in zero-emission trucks had lost 16.37% over the past month. This has lagged the Auto-Tires-Trucks sector's gain of 2.56% and the S&P 500's loss of 4.31% in that time.
Wall Street will be looking for positivity from Nikola as it approaches its next earnings report date. The company is expected to report EPS of -$0.27, down 35% from the prior-year quarter.
Investors might also notice recent changes to analyst estimates for Nikola. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Nikola currently has a Zacks Rank of #2 (Buy).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 148, which puts it in the bottom 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. 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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