NIKOLA CORP (NKLA-O)

Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
10.71 (USD) 16.1M 19.52 -- -- -82.1% -- 35.6%
2022 March 31 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NASDAQ Exchange
4.2B 6.41 -- -- -- 27.9% 8.5%

AVERAGE SCORE
NEUTRAL OUTLOOK: NKLA's current score is Score Averages
relatively in-line with the market. Automobiles & Auto Parts Group: 4.6 Mid Market Cap: 6.0
Automobiles & Auto Parts Sector: 4.6 S&P 500 Index: 6.6

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive NKLA 4 4 4 6 6
FSR 2 4 3 3 3
Neutral NIO 4 4 2 1 1
ARVL NR NR NR NR NR
Negative
XPEV 2 4 2 NR NR
2019-03 2020-03 2021-03 2022-03

HIGHLIGHTS I/B/E/S MEAN

- The score for Nikola Corp has been on a positive trend from 3
to 6 over the past 9 weeks. Hold Mean recommendation from all analysts covering
10 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was primarily due to
an improvement in the Price Momentum and Insider Trading
component scores. Strong Strong
Sell Hold Buy
Sell Buy

PRICE AND VOLUME CHARTS

1-Year Return: -22.9% 5-Year Return: --

BUSINESS SUMMARY
Nikola Corporation, formerly VectoIQ Acquisition Corp., specializes in battery-electric and hydrogen trucks and powersports vehicles. The Company
provides zero-emissions transportation and infrastructure solutions. Its product lineup includes battery-electric and hydrogen-electric class 8
commercial trucks, off-highway vehicles and watercraft. The Company's products include Nikola One, Nikola Two, Nikola Tre and Nikola Badger. Its
powersports include Nikola NZT, Nikola Reckless and Nikola water adventure vehicle (WAV).

Page 1 of 12
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NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently
using alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment
styles. Additional criteria should always be used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum Insider Trading

OPTIMIZED SCORE
Historically, companies with an Optimized Score
of 8 have tended to moderately outperform the
market over the following 12-month period.
PEER ANALYSIS
As an alternative approach to equally weighting each of the six factors, independent
research firm, Verus Analytics, conducted a backtest to empirically determine an
optimal factor blend. Results and weighting vary across four different market
capitalization categories. For large/mid cap stocks, Fundamental and Earnings
historically provided the most explanatory power among the factors and are weighted
heavily in the Optimized Score. Among the small/micro cap universe, Insider Trading
joined Fundamental and Earnings as the most significant factors to explain returns.
Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2022-03-31) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
6 TSLA 1,077.60 23.8% 2.0% 61.3% 1.0T 220.0 99.6 -- 10.3% 37.2% Hold 42
3 LCID 25.40 -12.4% -33.2% 9.6% 41.6B -- -- -- -9516% -- Buy 6
1 RIVN 50.24 -25.6% -51.5% -- 41.2B -- -- -- -8524% -- Buy 16
1 NIO 21.05 -7.8% -33.6% -46.0% 30.7B -- -- -- -30.1% -- Buy 30
NR XPEV 27.59 -24.1% -45.2% -24.4% 17.6B -- -- -- -23.2% -- Buy 20
6 NKLA 10.71 35.6% 8.5% -22.9% 4.2B -- -- -- -530962% -- Hold 10
NR ARVL 3.73 6.9% -49.7% -76.8% 2.4B -- -- -- -- -- Buy 3
3 FSR 12.90 5.7% -18.0% -25.1% 2.0B -- -- -- -444662% -- Buy 12
NR FFIE 4.99 -13.2% -6.2% -58.6% 1.8B -- -- -- -- -- Buy 3
2 PTRA 7.52 -16.8% -14.8% -57.9% 1.6B -- -- -- -118.1% -- Buy 6
5 GOEV 5.52 -3.8% -28.5% -38.9% 1.3B -- -- -- -6288% -- Buy 4
3.4 Average 113.39 -2.9% -24.6% -28.0% 108.1B 220.0 99.6 -- -111124% 37.2% Buy 13.8

PEER COMPANIES
ARVL Arrival NIO NIO Inc
FFIE Faraday Future Intelligent PTRA Proterra Inc
FSR Fisker Inc RIVN Rivian Automotive Inc
GOEV Canoo Inc TSLA Tesla Inc
LCID Lucid Group Inc XPEV Xpeng Inc

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NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

EARNINGS Currency in USD

POSITIVE OUTLOOK: Strong earnings with Earnings Score Averages

recent analyst upgrades or a history of Automobiles & Auto Parts Group: 4.5 Mid Market Cap: 6.1
surpassing consensus estimates. Automobiles & Auto Parts Sector: 4.5 S&P 500 Index: 6.7

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive NKLA 8 8 9 10 10
FSR 1 1 2 2 3
Neutral NIO 7 2 1 1 1
ARVL NR NR NR NR NR
Negative
XPEV 4 2 3 NR NR
2019-03 2020-03 2021-03 2022-03

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

NKLA NKLA

NIO
XPEV
FSR
ARVL

FSR
NIO
NIO

ARVL ARVL
XPEV FSR
NKLA
XPEV

Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (>2%) 4 # Up Revisions 4 # Broker Upgrades 0
# Negative Surprises (<-2%) 0 # Down Revisions 0 # Broker Downgrades 0
# In-Line Surprises (within 2%) 0 Avg Up Revisions 40.0%
Avg Surprise 32.1% Avg Down Revisions 0.0%

HIGHLIGHTS PRICE TARGET

- Nikola Corp currently has an Earnings Rating of 10, which is The chart indicates where analysts predict the stock price will be within
significantly more bullish than the Auto & Truck Manufacturers industry the next 12 months, as compared to the current price.
average of 4.4.
28.00 12-Month Price Target
- Over the past 90 days, the consensus price target for NKLA has Mean (USD) 12.90
decreased notably from 17.40 to 12.90, a loss of -25.9%. 24.00 HIGH
High 23.00
20.00
- NKLA's current quarter consensus estimate has increased over the Low 8.00
past 90 days from -0.31 to -0.25, a gain of 18.8%. This improvement 16.00 Target vs. Current 20.4%
is significantly greater than its industry average of -2.0% during the 10.71 MEAN
12.00 # of Analysts 8
same time period.
8.00 LOW
Current Price Price Target
(USD)

Page 3 of 12
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NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

EARNINGS PER SHARE

Actuals Estimates
0.000
-0.140 Quarterly 22-03 22-06
Earnings per share (EPS) is calculated -0.100
by dividing a company's earnings by the -0.200
-0.220 -0.230
-0.200 HIGH Mean -0.251 -0.254
number of shares outstanding. Analysts
tend to interpret a pattern of increasing MEAN High -0.190 -0.198
-0.300
earnings as a sign of strength and flat Low -0.400 -0.420
or falling earnings as a sign of -0.400 LOW # of Analysts 7 7
weakness.
-0.500
The charts provide a comparison 21-03 21-06 21-09 21-12 22-03 22-06
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. -0.300
-0.620
-0.600 -0.790
HIGH Annual 2022 2023
Mean -1.122 -0.881
-0.900 MEAN
High -0.840 -0.570
LOW
-1.200 Low -1.710 -1.150
-1.500 # of Analysts 9 8

-1.800
2020 2021 2022 2023

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: Hold (10 Analysts)
22-03 22-06 2022 2023 Target
Strong Buy 0
Current -0.251 -0.254 -1.122 -0.881 12.90
30 Days Ago -0.295 -0.307 -1.060 -0.765 15.20 Buy 2
90 Days Ago -0.309 -0.293 -1.009 -0.725 17.40 Hold 8
% Change (90 Days) 18.8% 13.3% -11.2% -21.5% -25.9%
Sell 0
Current Fiscal Year End: 22-12
Strong Sell 0
Next Expected Report Date: 2022-05-05

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2022-02-24 2021-12-31 -0.230 -0.324 29.0%
Positive 2021-11-04 2021-09-30 -0.220 -0.275 20.0%
Surprise Type Amount Percent
Positive 2021-08-03 2021-06-30 -0.200 -0.289 30.8%
Positive Quarters (> 2%) 6 85.7%
Positive 2021-05-07 2021-03-31 -0.140 -0.273 48.7%
Negative Quarters (< -2%) 1 14.3%
Positive 2021-02-25 2020-12-31 -0.170 -0.235 27.7%
In-Line Quarters (within 2%) 0 --
Positive 2020-11-09 2020-09-30 -0.160 -0.195 17.9%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 1.0B
2022 2023
flat or falling sales and faltering 800.0M HIGH
earnings may explain a sell Mean 104.7M 629.2M
recommendation. A rising EPS with flat 600.0M MEAN
High 123.6M 794.5M
or falling sales may result from
increased cost efficiency and margins, 400.0M
Low 75.6M 313.0M
rather than market expansion. This LOW Forecasted Growth -- --
chart shows the sales forecast trend of 200.0M
# of Analysts 8 7
all analysts and the highest and lowest 95,000 0.00
projections for the current and next 0.00
2020 2021 2022 2023
fiscal year.

Page 4 of 12
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NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

FUNDAMENTAL
NEUTRAL OUTLOOK: Fundamentals relatively Fundamental Score Averages
in-line with the market. Automobiles & Auto Parts Group: 4.6 Mid Market Cap: 5.9
Automobiles & Auto Parts Sector: 4.6 S&P 500 Index: 5.8

Q2 Q3 Q4 Q1
Fundamental Score Trend Peers 2021 2021 2021 2022 Current 3Y Trend
NIO NR NR NR NR 7
Positive
NKLA NR NR NR NR 6
Neutral ARVL NR NR NR NR 4

Negative XPEV NR NR NR NR 4

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FSR NR NR NR NR 2
2019 2020 2021

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

ARVL NKLA
XPEV NIO

NIO
NIO ARVL
FSR
XPEV FSR
NKLA

ARVL
FSR XPEV
NKLA

ARVL
FSR
NIO
NKLA
XPEV
Revenue Growth -100.0% Current Ratio 2.9 Oper. Cash Yield 55.5% Dividend Growth --
For year over year For interim period For latest 12 months For year over year
ending 2021-12 ending 2021-12 ending 2021-12 ending --
Gross Margin -8200% Debt-to-Capital 3.5% Accruals -91.8% Dividend Payout --
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2021-03 ending 2021-12 ending 2021-12 ending --
Return On Equity -82.1% Interest Funding -0.1% Days Sales In Inv. -- Dividend Coverage --
For interim period For interim period For annual period For annual period
ending 2021-12 ending 2021-12 ending -- ending --
Net Margin -530962% Interest Coverage -605.5 Days Sales In Rec. -- Current Div. Yield --
For latest 12 months For interim period For annual period For latest 12 months
ending 2021-03 ending 2021-12 ending -- ending --

HIGHLIGHTS
- Nikola Corp currently has a relatively neutral Fundamental Rating of 6.
The average Fundamental Rating for its Auto & Truck Manufacturers
industry is 6.6 and the S&P 500 index average is 5.8.
- The gross margin of -8200% for NKLA is the lowest within its Auto &
Truck Manufacturers industry.
- NKLA's debt-to-capital of 3.5% is substantially below the Auto & Truck
Manufacturers industry average of 15.8%.
- NKLA's accruals ratio of -91.8% is substantially below the Auto & Truck
Manufacturers industry average of 8.3%.
- Nikola Corp does not currently pay a dividend. Of 35 firms within the
Auto & Truck Manufacturers industry, it is among the 28 companies
without a dividend.

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NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

RELATIVE VALUATION
This company does not currently meet the data Relative Valuation Score Averages
requirements to calculate a score for this Automobiles & Auto Parts Group: 7.0 Mid Market Cap: 5.2
component. Automobiles & Auto Parts Sector: 7.0 S&P 500 Index: 4.4

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive ARVL NR NR NR NR NR
FSR NR NR NR NR NR
Neutral NIO NR NR NR NR NR
NKLA NR NR NR NR NR
Negative
XPEV NR NR NR NR NR
2019-03 2020-03 2021-03 2022-03

RELATIVE VALUATION INDICATORS

Forward PEG Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)

ARVL ARVL ARVL

FSR FSR FSR
NIO NIO NIO
NKLA NKLA NKLA
XPEV XPEV XPEV
Forward PEG -- Trailing PE -- Forward PE --
5-Yr Average -- 5-Yr Average 89.7 5-Yr Average --
Rel. to 5-Yr Avg. -- Rel. to 5-Yr Avg. -- Rel. to 5-Yr Avg. --
S&P 500 Index 1.3 S&P 500 Index 1.6 S&P 500 Index 20.3
Rel. to S&P 500 -- Rel. to S&P 500 -- Rel. to S&P 500 --

HIGHLIGHTS
- There is no significant relative valuation data for this company.

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NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: -- Trailing PE: --
5-Year Average: 20.0 5-Year Average: 89.7
S&P 500 Index Average: 2.8 S&P 500 Index Average: 1.6
Auto & Truck Manufacturers Industry Average: 2.0 Auto & Truck Manufacturers Industry Average: 44.4
>20 5-Yr Average >50
18 45
16 40
14 35
12 30
10 25
8 20
6 15
4 10
2 5
0 0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: -- Forward PEG: --
5-Year Average: -- 5-Year Average: --
S&P 500 Index Average: 20.3 S&P 500 Index Average: 1.3
Auto & Truck Manufacturers Industry Average: 28.2 Auto & Truck Manufacturers Industry Average: 0.7
>50 >5.0
45 4.5
40 4.0
35 3.5
30 3.0
25 This valuation data is not available 2.5 This valuation data is not available
20 2.0
15 1.5
10 1.0
5 0.5
<0 <0.0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

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NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

RISK
NEGATIVE OUTLOOK: Variable return patterns Risk Score Averages
(high volatility). Automobiles & Auto Parts Group: 4.7 Mid Market Cap: 6.2
Automobiles & Auto Parts Sector: 4.7 S&P 500 Index: 8.1

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive FSR 2 4 4 3 3
XPEV 1 5 4 3 3
Neutral ARVL 3 1 2 2 2
NIO 2 5 4 3 2
Negative
NKLA 1 3 3 2 2
2019-03 2020-03 2021-03 2022-03

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

XPEV

ARVL
NIO
FSR
NKLA

FSR FSR FSR

ARVL NIO NIO
NIO XPEV NKLA
NKLA NKLA ARVL
XPEV ARVL XPEV

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 1.67 Correlation vs. S&P 500
Best 17.7% Last 90 Days 5.74 Positive Days Only 1.95 Last 90 Days 64%
Worst -9.0% Last 60 Months 32.34 Negative Days Only 1.62 Last 60 Months 11%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 1.61 Correlation vs. Group
Best 135.3% Average 8.3% Positive Days Only 1.64 Last 90 Days 80%
Worst -55.6% Largest 20.5% Negative Days Only 1.55 Last 60 Months 36%

HIGHLIGHTS RISK ANALYSIS

- Nikola Corp currently has a Risk Rating of 2, which is Last 90 Days Last 60 Months
significantly below the S&P 500 index average rating of 8.1. Best Worst # # Largest Best Worst
- On days when the market is up, NKLA shares tends to Daily Daily Days Days Intra-Day Monthly Monthly
outperform the S&P 500 index. However, on days when the Peers Return Return Up Down Swing Return Return
market is down, the shares generally decrease by more than NKLA 17.7% -9.0% 29 33 20.5% 135.3% -55.6%
the index.
- In the short term, NKLA has shown high correlation (> 0.4) with ARVL 23.7% -13.2% 25 39 25.9% 119.3% -47.3%
the S&P 500 index. The stock has, however, shown low FSR 13.0% -9.1% 26 36 15.9% 91.1% -39.6%
correlation (>= -0.1 and < 0.2) with the market in the long term.
- Over the last 90 days, NKLA shares have been more volatile NIO 25.6% -12.3% 26 38 16.2% 94.0% -46.7%
than the overall market, as the stock's daily price fluctuations XPEV 29.6% -13.8% 27 37 19.2% 203.2% -36.8%
have exceeded that of 99% of S&P 500 index firms.
S&P 500 2.6% -3.0% 27 36 4.4% 12.7% -12.5%

Page 8 of 12
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NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

PRICE MOMENTUM Currency in USD

NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

in-line with the market. Automobiles & Auto Parts Group: 4.2 Mid Market Cap: 6.3
Automobiles & Auto Parts Sector: 4.2 S&P 500 Index: 7.1

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive NKLA 4 4 2 5 7
ARVL 4 2 1 1 2
Neutral FSR 8 5 2 3 2
XPEV 5 8 3 2 2
Negative
NIO 4 4 1 1 1
2019-03 2020-03 2021-03 2022-03

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)

NKLA

ARVL
FSR
XPEV

NIO NKLA
XPEV FSR
ARVL NIO

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
NKLA Industry Avg Apr May Jun
Last 1 Month 61 49 Company Avg 2.8% 43.4% 52.2%
Last 3 Months 52 45 Industry Avg 1.6% 0.7% 5.5%
Last 6 Months 49 48 Industry Rank 100 of 123 34 of 126 6 of 126

PRICE PERFORMANCE
Daily close prices are used to calculate the NKLA NKLA NASDAQ Comp
performance of the stock as compared to a
NASDAQ Comp Close Price (2022-03-31) 10.71 14,221
relevant index over five time periods.
52-Week High 19.52 16,057
10.9%
1-Week 52-Week Low 6.41 12,581
0.2%

1-Month
35.6% - Nikola Corp has a Price Momentum Rating of 7, which is
3.4% significantly higher than the Auto & Truck Manufacturers
industry average rating of 3.1.
8.5% - On 2022-03-31, NKLA closed at 10.71, 45.1% below its 52-
3-Month
-9.1% week high and 67.1% above its 52-week low.
8.5% - NKLA shares are currently trading 31.7% above their 50-day
YTD moving average of 8.13, and 0.8% above their 200-day moving
-9.1%
average of 10.63.
-22.9%
1-Year
7.4%

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NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

INSIDER TRADING Currency in USD

NEUTRAL OUTLOOK: Mixed transactions by Insider Trading Score Averages

insiders or low volume of trades. Automobiles & Auto Parts Group: 5.1 Mid Market Cap: 4.5
Automobiles & Auto Parts Sector: 5.1 S&P 500 Index: 4.1

Insider Trading Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive FSR 5 9 6 9 9
NKLA 3 2 3 5 5
Neutral ARVL NR NR NR NR NR
NIO NR NR NR NR NR
Negative
XPEV NR NR NR NR NR
2019-03 2020-03 2021-03 2022-03

INSIDER TRADING INDICATORS

Short-Term Insider Long-Term Insider
(70% weight) (30% weight)

FSR

NKLA FSR

NKLA

ARVL ARVL
NIO NIO
XPEV XPEV

Most Recent Buys and Sells (Last 90 Days) Insider Summary (Last 6 Months)
Insider Name Role Tran Date Tran Type Shares Total Shares Acquired 65,055
Koziner, Pablo M. O 2022-01-18 S 50,579 Total Shares Disposed 3,351,946
Net Shares -3,286,891
Sector Average 730,823

HIGHLIGHTS MONTHLY BUYS AND SELLS

- Nikola Corp currently has an Insider Trading Rating of 5, while the BUYS $ Market Value (Millions)
40
Auto & Truck Manufacturers industry average is 5.42.
20
- Executives at Nikola Corp have not purchased or sold any shares thus Excludes
far this quarter. Over the past five years, the average purchase and 0 derivative
sell totals for Q2 have been $0 and $57,528 respectively. and option
20 exercises
40
SELLS
M J J A S O N D J F M A

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

Inst. % Shares Reported Direct Reported
Institution Name Type O/S Held Date Insider Name Role Shares Value Date
M&M Residual Strategic 11.8% 49.4M 2022-03-02 Russell, Mark A CEO 2.13M 16.9M 2021-04-22
T&M Residual Strategic 9.6% 39.9M 2022-03-02 Girsky, Stephen Jon D 1.63M 12.9M 2021-04-22
CNH Industrial NV (Turin Strategic 6.2% 25.7M 2022-03-02 Brady, Kim CFO 0.57M 4.55M 2021-04-22
Norges Bank Investment Inv Mgmt 5.0% 20.9M 2022-03-02 Worthen, Britton M O 0.54M 4.26M 2021-04-22
Green Nikola Holdings Strategic 4.6% 19.2M 2021-06-28 Koziner, Pablo M. O 0.45M 3.57M 2022-01-18
Updated daily as of 2022-03-31 Updated monthly as of 2022-02-20

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NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers
DETAILED STOCK REPORT TIPS
The Stock Report from Refinitiv is a comprehensive, company-specific
analysis that includes a proprietary Stock Rating along with underlying
component indicators and supportive data elements. The report is updated
daily, although some of the data elements and the ratings are updated weekly.
Average Score
The Stock Reports Plus Average Score combines a quantitative analysis of six
widely-used investment decision making tools - Earnings, Fundamental, Relative
Valuation, Risk, Price Momentum, and Insider Trading. First, a simple average of
the six underlying component ratings is calculated. Then, a normal distribution is
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is
negative. These six factors may be evaluated differently using alternative
methodologies, and the importance of individual factors varies across groups,
market capitalization and investment styles. Additional criteria should always be
used to evaluate a stock.
A company must have sufficient data available for at least four of the six component
indicators in order to receive an overall Average Score. Approximately 85% of the
stocks within the coverage universe meet the criteria to generate a score.
Optimized Score
As an alternative to the Average Score, the Stock Report includes an Optimized
Score generated by independent research firm Verus Analytics. It uses the same six
component ratings, but rather than equally weighting each of the factors, the
weighting varies by market capitalization of the underlying security based on
backtesting research. These scores are also updated weekly and distributed
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned
monthly by ranking the market capitalization and assigning the appropriate category
as follows:
Large - Top 5.55%
Mid - Next 13.87%
Small - Next 34.68%
Micro - Remaining 45.9%
Indicator Components
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive
an ‘NR’ for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrences of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
● The Refinitiv Business Classification (TRBC) schema is used for industry
comparisons. It is designed to track and display the primary business of a
corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
● The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies classified within that industry.
Highlights
The automated text-generation system from Refinitiv creates highlights
summarizing the most noteworthy data. The bullets will vary by company and will
change from week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises,
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
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© 2022 Refinitiv. All rights reserved.
DETAILED STOCK REPORT
Report Date: 2022-Apr-01
● Earnings Surprises - The number of positive and negative surprises within the
last 4 quarters.
● Estimate Revisions - The number of up and down revisions and the average
percentage change of those revisions within a 4 week period.
● Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.
Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters and two years. The percentage change
is calculated for the company as a means for comparison by measuring the
difference between the current consensus estimate and that of 90 days ago.
Analyst Recommendations
The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
as provided by I/B/E/S, the Institutional Brokers Estimate System, from Refinitiv.
The recommendations are presented on a five-point standardized scale: strong buy,
buy, hold, reduce, and sell.
Earnings Surprises
● The surprise summary includes the total number of quarters (and percentage) in
the past 12 quarters in which earnings surprises were positive, negative, or in-
line. In order to be recognized as a positive or negative surprise, the percent
must be greater than 2% above or 2% below the consensus, respectively.
● The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 quarters. The consensus analyst estimate is
provided to determine if the actual earnings report represented a positive
surprise, negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four factors: profitability,
debt, earnings quality, and dividend. Companies that do not pay a dividend are not
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least two of the four fundamental factors present for a given
fiscal quarter in order to receive a score.
● Profitability is comprised of four data elements.
- Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
- Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
● Debt is comprised of four data elements.
- Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Funds from Operations
- Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
Debt + Preferred Cash Dividends)
● Earnings Quality is comprised of four data elements.
- Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
- Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
Average Net Operating Assets
- Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
- Days Sales in Receivables: 365 / (Net Sales / Receivables)
● Dividend is comprised of four data elements. The company must have a current
dividend yield.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
/ Previous Dividends per Share
- Dividend Payout: Dividends per Share / Earnings per Share
- Dividend Coverage: Funds from Operations / Cash Dividends
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays quarterly scores over the past three years.
The best and worst scores over that timeframe can be easily determined from the
values shown on the chart for each quarter.
NIKOLA CORP (NKLA-O)
Automobiles & Auto Parts / Automobiles & Auto Parts / Auto & Truck Manufacturers DETAILED STOCK REPORT
Report Date: 2022-Apr-01

Relative Valuation ● Long-Term Insider – Looks at buying, selling and option exercise decisions over
The Relative Valuation Rating is based on a combination of three factors: Forward the past six months relative to other stocks within the same business sector. The
PEG (50% weight), Trailing P/E (25% weight), and Forward P/E (25% weight). After net shares are presented alongside the business sector average as a means of
the weightings are considered to combine individual factors, equal deciles are used comparison.
to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. These common valuation metrics are evaluated against the overall Monthly Buys and Sells
market, the index, and the company's own historic 5-year averages. A stock needs The total market value of open-market buying and selling is displayed by month in
to have at least one of the three relative valuation factors in order to receive a the chart for easy comparison. Transactions by trusts and corporations are
score. excluded, along with buys greater than $10 million and sales greater than $50
million. Transactions for the exercise of derivatives and option exercises are
● Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings excluded from the totals.
● Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings
● Forward PEG: Forward P/E / Long-Term Forecasted Growth Rate Institutional Holders
The top five institutional holders of the company are listed in descending order,
Valuation Averages based on their total share holdings. Possible values for the institution type include
Negative values are excluded when calculating the averages. A maximum value of Brokerage, Funds, Inv Mgmt, or Strategic.
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when Executive Holders
calculating the averages. Higher values are rounded down to the maximum for the The top five executive insiders of the company are listed in descending order, based
averages. on their total direct common share holdings (options are not considered). Indirect
holdings are excluded, as the owner may not actually have investment discretion
Valuation Multiples over these shares. This table is updated monthly. Insiders who have not filed any
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and transactions or holdings over the past two years are excluded as this may indicate
Price to Sales for the company and the S&P 500 index average. In addition, a that the individual is no longer associated with the company. Additionally, direct
comparison of the current company’s values to its 5-year average and an industry shares held must be greater than 1,000 to be considered.
average are presented. A discount occurs when the company’s ratio is valued
more favorably (lower) than that to which it is compared. Insider Roles
These role codes may appear in the data for recent insider buys and sells or top
Risk executive holders:
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and AF - Affiliate IA - Investment Advisor
short-term (90-day) stock performance measures including volatility, magnitude of AI - Affiliate of Advisor MC - Member of Committee
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles B - Beneficial Owner MD - Managing Director
are used to rank each stock across the market. A stock needs to have at least two C - Controller O - Officer
of the four risk factors in order to receive a score. CB - Chairman OB - Officer / Beneficial Owner
CEO - Chief Executive Officer OD - Officer / Director
● Magnitude of Returns – The best / worst daily returns in the past 90 days and the CFO - Chief Financial Officer OE - Other Executive
best / worst monthly returns in the past 60 months. CI - Chief Investment Officer OS - Officer of Subsidiary
● Volatility – The standard deviation of the stock price over the last 90 days and CO - Chief Operating Officer OT - Officer / Treasurer
last 60 months, along with the average and largest intra-day stock swing. CT - Chief Technology Officer OX - Divisional Officer
● Beta – Measures the tendency of a security’s returns to respond to swings in the D - Director P - President
market, based on the beta of the company versus the relevant index. DO - Director / Beneficial Owner R - Retired
● Correlation – Determines how closely the returns of the stock and the relevant DS - Indirect Shareholder S - Secretary
index move together, measured over the last 90 days and last 60 months. EC - Member of Exec Committee SH - Shareholder
EVP - Exec Vice President SVP - Senior Vice President
Risk Analysis FO - Former T - Trustee
Price analysis for the company and the S&P 500 is provided over two time periods. GC - General Counsel UT - Unknown
Daily analysis is provided for the last 90 days, whereas monthly statistics are used GP - General Partner VC - Vice Chairman
for the last 60 months. H - Officer / Director / Owner VP - Vice President

Price Momentum
The Price Momentum Rating is based on a combination of two technical DISCLAIMER
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most © 2020 Refinitiv. Republication or redistribution of Refinitiv content, including by
favorable. A stock needs to have data for the relative strength factor in order to framing or similar means, is prohibited without the prior written consent of Refinitiv.
receive a score. All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in Refinitiv content, or for any actions
● Relative Strength – The relative strength of the company for the last 1 month, 3 taken in reliance on such content.
months, and 6 months on a scale of 1 to 100.
● Seasonality – The average monthly return (price performance) for the current Any forward-looking statements included in the Refinitiv content are based on
month and next 2 months for the company and industry, over the past 10 years. certain assumptions and are subject to a number of risks and uncertainties that
A lower industry rank indicates a higher return. could cause actual results to differ materially from current expectations. There is no
assurance that any forward-looking statements will materialize.
Price Performance
Daily close prices are used to calculate the price performance of the stock. The The content in this Refinitiv report does not constitute investment advice or a
performance of the S&P 500 is also displayed as a means of comparison. recommendation to buy or sell securities of any kind. Past performance is not a
guarantee of future results. Investors should consider this report as only a single
Insider Trading factor when making an investment decision.
The Insider Trading Rating is based on short-term (70% weight) and long-term
(30% weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.

● Short-Term Insider – Uses insider buy and sell transactions within the past 90
days. This factor is based on the quantitative insider trading model from Refinitiv
that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following
trades by the given insider.

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