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.

Stocks Reporter FXStreet

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.

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Stocks Reporter

FXStreet

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