Shares of Nikola Corporation (NASDAQ:NKLA) declined more than 7.00% on Tuesday but gained more than 5% on Wednesday during pre-market hours after a known Wall Street analyst shared his price target with the masses.
So What Now?
According to Jeff Osborne of Cowen & Co. NKLA is a “BUY” and his price target is $79, which is 25% higher than the Tuesday price after closing.
The word is out in the social media and the shares of Nikola are up in pre-market. Is this the start of another wild ride for NKLA shareholders?
Potential upcoming catalyst for NKLA
In a less than 10 days we will see Nikola Badger truck details and reservation openings which is another catalyst as well as the naming of a manufacturing partner.
However, even though NKLA shares gained more than 500% since IPO day, seems like investors took some profit recently. With the analysts predicting higher prices the downturn may be over.