Whether Nikola Corp stock will reach the resistance level of $3, the surge is totally dependent on the buyers’ position in the NKLA trading session. On July 31, NASDAQ: NKLA stock price added 17.26% to its trading price.
NKLA share price seemed to be consolidating in the range between $2.97 and $1.98; buyers tried multiple times to break the hurdle of $3 but failed as sellers continued their dominance.
In 52 weeks, NKLA stock’s highest trading price was $8.97, and its lowest traded price was $0.52. In a week, NKLA stock added 18.14% to its trading price, surging more than 97.78%. The annual price target of Nikola Corporation stock is $2.80, around 4.87%.
According to TradingView, more than 572 Million NKLA shares are free-floating, and 143 Million shares are closely held by the company’s financial backers or the board of directors. Nikola Corporation’s market capitalization is $1.914 Billion, and its NKLA stock average trading volume is 81.15 Million.
Will NKLA Stock Price Break the Resistance of $3?
There is significant possibility that by the end of this week, NKLA share price might cross the hurdle of $3, but this is possible only under sustained bearish pressure.
Per technical charts, the price might impress Nikola investors in the coming session as the company is will report its quarterly earnings on August 4, 2023. Following the earnings report, NKLA share might cross the next possible resistance of $3.67.
Earlier on July 12, buyers succeeded in adding 60.87% to NKLA stock but could not sustain at higher levels and lost 1.35% in the July 14 trading session.
Nikola Corporation Earnings & Revenue
In Q1 2023, the company reported 13.72% less revenue than the estimated figures. As per estimation, Nikola Corporation was supposed to report $12.88 Million, but it reported $11.12 Million. For Q2 and Q3 2023, the company’s estimated revenue is $15 Million and $34.57 Million respectively.
Despite negative revenue, Nikola’s earnings per share surged over 1.50% in Q1, and the estimated EPS for Q2 and Q3 is -$0.22 and -$0.17 respectively. The company’s reported Q1 net income was -$169.09 Million, and its profit margin was -1521.04%.
Conclusion
NKLA price might break the $3 hurdle and surge further this upcoming year might get reflected after a minute decline.
