Nikola Corporation (NASDAQ:NKLA) shares are trading at new all-time lows Monday as the stock moves lower on continued downward momentum following a reverse split last week.
The Details:
Last week, Nikola effected a 1-for-30 reverse stock split in order to regain compliance with Nasdaq's continued listing requirements.
According to data from Benzinga Pro, shares are trading well-below the stock's 50-day moving average of $15.74 and is marking new all-time lows on Monday.
Nikola announced last Thursday it has delivered a hydrogen fuel cell-powered electric semi-truck to Walmart Canada which will be deployed in Ontario for longer-haul trips.
"This is a first for a retailer in Canada and is an example of how we will continue to push forward, embrace new technology and spark change within the industry," Walmart Canada CEO Gonzalo Gebara said.
The Class 8 vehicle has a range of about 800 kilometers and, on average, can avoid 97 metric tons of CO2 tailpipe emissions annually, Nikola said.
A Reuters report said Nikola may benefit from Tesla's slow ramp up in production of Tesla Semis. The Elon Musk-led company is having difficulty meeting demands of customers including PepsiCo. and Walmart.
Will NKLA Stock Go Up?
When trying to assess whether or not Nikola will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $1 on Nikola. In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Nikola have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Nikola is 81.63% down year-to-date. The average analyst price target suggests the stock could have further downside ahead.
For a broad overview of everything you need to know about Nikola, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
NKLA Price Action: According to Benzinga Pro, Nikola shares are down 7.08% at $7.61 at the time of publication Monday.
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Image: Courtesy of Nikola Corporation