Written by Cláudio Afonso | LinkedIn | X
DA Davidson analyst Michael Shlisky set Thursday a $12.00 price target on Nikola shares to reflect the company’s recent 1-for-30 reverse stock split.
Based on Thursday’s closing price, Shlisky sees now an upside potential of 63.7% on the stock as it maintains a Neutral rating. Nikola will report the second quarter earnings results on Friday morning.
In a new research note, the analyst justified the upside potential on the better than expected sales performance and business developments including new stations and new hydrogen refueling record recently announced.
NEVER MISS AN UPDATE ON NIKOLA
“In advance of 2Q earnings, we are updating our model to reflect NKLA’s recent 1-for-30 reverse stock split and recently-announced 2Q shipment numbers. Much has happened in recent weeks, including the deployments of the first hydrogen fuel-cell truck and first hydrogen station in Ontario Province.
Shlisky said the company surpassed the expectations with 72 vehicles sold in the second quarter, above DA Davidson’s forecast of 50 units.
“The company sold 72 hydrogen fuel-cell trucks in 2Q, above our expectation of 50. Our recent fireside chat with CEO Steve Girsky also revealed considerable confidence on 2027 as diesel emissions regulations tighten. We do note the significant upside from the current stock price to our target, but we remain Neutral given the risks ahead,” he added.
In mid-June, when the stock was trading at $0.49 per share, the analyst had reiterated the firm’s rating on the shares while reaffirming the $1 price target — representing an upside potential of 104%.
The Autonomous & Electric Vehicles ETF from Global X has recently filed a new SEC form disclosing that reduced its stake in Nikola by 14.01% in May.
As of the end of the second quarter, the ETF was holding 7,580,959 Nikola shares valued at more than $58.2 million. Previously, in the first three months of the year, holdings reached over 8,81 million shares in the company.
In March, the company inaugurated its first HYLA high-pressure refueling station in Southern California. The Nikola followed up with the opening of a second station in the region two months later.
In July, as the company continues expanding its infrastructure across U.S. and Canada, Nikola’s station located in California achieved a record day by refuelling 28 trucks and dispensing over 850 kg of hydrogen.
Trevor Milton, the founder and former CEO, has recently discreetly quitted his $1 billion lawsuit against several executives of the Arizona-based company.
Written by Cláudio Afonso | LinkedIn | X
