The World's First Trillion Dollar Drug

By 2030, Wall Street experts predict it could generate more revenue than the top 10 best-selling drugs... combined. Early investors stand to reap tremendous rewards as its growth surges 75,000% by 2030. Former hedge fund manager Ian King predicts this could become the world's first trillion-dollar drug. And he's recommending 3 little-known stocks to play this fast-moving trend.

What's Going On With Nikola Stock After Its Reverse Split?

Erica Kollmann
June 25, 2024

Nikola Corporation (NASDAQ:NKLA) shares are trading lower Tuesday after the stock began trading on a reverse split-adjusted basis. 

The Details:

Nikola effected a 1-for-30 reverse stock split after the closing bell Monday and shares commenced trading on a split-adjusted basis Tuesday morning. The company also filed a prospectus with the SEC regarding the offering of an aggregate of up to 23.89 million shares, issuable upon the exercise of warrants originally issued in the initial public offering of VectoIQ.

Nikola shares are down nearly 40% over the past month as the company faces several challenges. 

Trevor Milton, Nikola's founder, said he filed a multi-billion derivative lawsuit against the company's present chief legal officer, Britton Worthen, and its directors in a post on the X social media platform. 

"Just filed a multi billion dollar derivative malpractice lawsuit against Nikola motor company's directors and chief legal officer Britton Worthen. GET READY!" Milton wrote.

In addition, Nikola's pending removal from the Russell 3000 Index looms over the troubled EV maker. 

Related News: Rivian Cuts Costs By 35%: What’s Going On With Rivian’s Stock?

NKLA Stock Prediction 2024:

Equity research analysts on and off Wall Street typically use earnings growth and fundamental research as a form of valuation and forecasting. But many in trading turn to technical analysis as a way to form predictive models for share price trajectory.

Some investors look to trends to help forecast where they believe a stock could trade at a certain point in the future. Looking at Nikola, an investor could make an assessment about a stock's long term prospects using a moving average and trend line. If they believe a stock will remain above the moving average, which many believe is a bullish signal, they can extrapolate that trend into the future using a trend line. For Nikola, the 200-day moving average sits at $24.92, according to Benzinga Pro, which is above the current price of $9.41. For more on charts and trend lines, see a description here.

Traders believe that when a stock is above its moving average, it is a generally bullish signal, and when it crosses below, it is a more negative signal. Investors could use trend lines to make an educated guess about where a stock could trade at a later date if conditions remain stable.

NKLA Price Action: According to Benzinga Pro, Nikola shares are down 9.8% at $9.49 at the time of publication Tuesday.

Image: Shutterstock

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