Written by Cláudio Afonso | LinkedIn | X
DA Davidson analyst Michael Shlisky issued a new research note on Wednesday reiterating the firm’s rating on Nikola shares while reaffirming the price target.
The analyst maintains the firm’s price target of $1.00 per share which implies an upside potential of 104 percent based on the latest closing price of $0.4902.
DA Davidson analyst had lowered the price target on the stock from $2.50 to $1.00 in October last year and has been reiterating it since then.
As of the time of writing, shares of the electric vehicle startup are trading 4 percent higher at $0.5101 per share following the news.
By the end of last year, Nikola‘s institutional shareholders were holding about 200 million shares although the number has more than doubled to 450 million shares in May, according to data from Fintel.
In an interview published on Tuesday, Nikola chief executive Steve Girsky highlighted the enhancements in the second generation of the manufacturer battery electric vehicle (BEV) trucks while teasing future aerodynamic designs.
Girsky mentioned that while the current focus is on the cab-over design, Nikola is considering future aerodynamic designs as battery electric and fuel cell electric vehicles become more prevalent.
“We think a lot about future aero designs and have them on our roadmap,” he said.
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The company’s founder and former CEO Trevor Milton , announced on Saturday on social media that he has filed a multibillion-dollar derivative and malpractice lawsuit.
Milton, who stepped down as chairman in 2020 amid allegations of fraud, asserted in his post that the controversial video showing a Nikola truck rolling down a hill—purportedly to falsely demonstrate its functionality—was orchestrated by Worthen.
Last week, at the Annual Meeting, shareholders elected all the Directors and approved all proposals including a reverse stock split that will allow the share price to comply with Nasdaq requirement of trading above $1.
Vanguard Group, one of the world’s largest investment advisors, has been consistently increasing its stake in Nikola Corporation since the company’s initial public offering (IPO) in 2020 and the first quarter of 2024 was no exception.
Written by Cláudio Afonso | LinkedIn | X
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The post DA Davidson Reaffirms 104% Upside Potential on Nikola Stock first appeared on EV.