Nikola announces reverse stock split to maintain Nasdaq listing, shares hit record lows.

From Nasdaq: 2024-06-24 09:40:29

Nikola (NKLA) announced a 1-for-30 reverse stock split to maintain Nasdaq listing – shares hit record lows. The EV industry bubble burst in 2021; Tesla surpassed $1T market cap, Rivian over $150B. Nikola has restructured its business, focusing on volume growth with the aim to triple stock price from current levels. Wall Street analysts maintain a “Hold” rating on Nikola, but some have initiated coverage with higher target prices like $1 and $2. Nikola is a play on hydrogen technology with regulatory support, but execution is crucial for growth and profitability. CEO Steve Girsky emphasizes moving from planning to execution phase.



Read more at Nasdaq: Nikola Stock Forecast: Should You Buy or Sell Ahead of the Reverse Stock Split?