NKLA Stock Forecast: Nikola Corporation continues its freefall, named Yahoo!’s worst company of the year

NASDAQ:NKLA drops 5.12% to close out the week as global markets end a tumultuous week.
Nikola earns a notorious award for Yahoo! Finance’s worst company of the year.
All may not be lost for the electric truck maker despite GM scaling back the deal between the two companies.

NASDAQ:NKLA’s historically bad year continued on Friday as Yahoo! Finance named the beleaguered firm as 2020’s Worst Company of the Year. The stock reflected the tongue-in-cheek award as Nikola dropped 5.12% to close the week out, something that Nikola investors are now accustomed to over the past few months. Overall, the stock price sits at $17.62, which is now getting close to the 52-week low that Nikola saw as a SPAC company before its merger to debut on Wall Street.

While Nikola investors have had a year to forget following the fraudulent accusations that bounced former CEO Trevor Milton from his role with the company. Nikola then saw its potential deal with General Motors (NYSE:GM) deteriorate as the automotive giant diminished its role in Nikola’s future. But perhaps not all is lost for the Arizona-based electric truck maker, as strong corporate relationships with the aforementioned General Motors, as well as German auto parts manufacturer ZF and Bosch, perhaps the cancellation of the Badger truck line can help Nikola focus on its long-distance truck business.

Nikola stock price news

That is not to say Nikola is recommended as a buy right now, actually far from it. As Nikola begins to recover from the crushing disappointment that General Motors delivered back in November, the outlook for 2021 is not any more promising at this point. Yahoo! Finance is one of the biggest financial sites on the internet and its influence over investors may have just sealed Nikola’s fate for the near future.

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.