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Nikola (NKLA) Outpaces Stock Market Gains: What You Should Know
Nikola (NKLA - Free Report) closed at $1.51 in the latest trading session, marking a +0.67% move from the prior day. This move outpaced the S&P 500's daily gain of 0.17%. At the same time, the Dow added 0.6%, and the tech-heavy Nasdaq gained 0.67%.
Coming into today, shares of the pioneer in zero-emission trucks had lost 32.43% in the past month. In that same time, the Auto-Tires-Trucks sector lost 4.19%, while the S&P 500 gained 0.25%.
Nikola will be looking to display strength as it nears its next earnings release. On that day, Nikola is projected to report earnings of -$0.28 per share, which would represent a year-over-year decline of 33.33%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $16.25 million, up 759.58% from the year-ago period.
NKLA's full-year Zacks Consensus Estimates are calling for earnings of -$1.01 per share and revenue of $238.13 million. These results would represent year-over-year changes of +9.01% and +368.53%, respectively.
Investors might also notice 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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. The Zacks Consensus EPS estimate has moved 19.86% higher within the past month. Nikola is currently a Zacks Rank #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.