Nikola Corporation (NKLA) is up 34.3% today after JP Morgan updated its analysis as bullish and have NKLA a Overweight rating. JP Morgan gave the stock a price target of $45 yesterday and since then NKLA has already surpassed that target as it is trading around $50 currently. Nikola has been surging recently off market sentiment and investors speculating on the companies ability to grow in a fast growing electric vehicle market. Nikola looks poised to dominate an electric powered large truck market as investors hope for the company will prosper such as Tesla is starting to do now. NKLA stock was trading around $13 just back in early May and has since grown over 280% in price with it hitting a high of $93.99 and had been falling until JP Morgan’s recent update of price target.
NKLA stock has gained 433.37% over the last 12 months, and the average rating from Wall Street analysts is a Buy. InvestorsObserver’s proprietary scoring system, gives NKLA stock a score of 70 out of a possible 100.
That score is primarily influenced by a long-term technical score of 98. NKLA’s score also includes a short-term technical score of 93. The fundamental score for NKLA is 18. In addition to the average rating from Wall Street analysts, NKLA stock has a mean target price of 56.666. This means analysts expect the stock to rise 4.88% over the next 12 months.
What’s Happening with NKLA Stock Today
Nikola Corporation (NKLA) stock is higher by 34.3% while the S&P 500 has gained 0.78% as of 4:00 PM on Wednesday, Jul 8. NKLA has gained $13.80 from the previous closing price of $40.23 on volume of 602,072 shares. Over the past year the S&P 500 has gained 5.91% while NKLA has gained 433.37%. NKLA earned $0.06 a per share in the over the last 12 months, giving it a price-to-earnings ratio of 891.58.
