Nikola Corporation ( NKLA ) shares are dropping Thursday after the company announced its board of directors has approved a 1-for-30 reverse stock split.

The Details:

Nikola's ( NKLA ) stockholders previously approved the reverse stock split with a ratio of not less than 1-for-10 and not greater than 1-for-30, with the exact ratio of the reverse stock split to be determined by the board of directors. According to an SEC filing, the board approved a 1-for-30 reverse stock split on June 13. 

The reverse stock split will be effective as of June 24 at 4:01 p.m ET, and the stock will begin trading on a split-adjusted basis beginning on June 25.

Nikola ( NKLA ) shares are down more than 30% in the past month, and the stock fell to an all-time low of 25 cents in early trading Thursday. 

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Will NKLA Stock Go Up?

When trying to assess whether or not Nikola ( NKLA ) will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $1 on Nikola ( NKLA ). In the last month, one analyst has adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Nikola ( NKLA ) have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Nikola ( NKLA ) is 65.15% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Nikola ( NKLA ), visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

NKLA Price Action: According to Benzinga Pro, Nikola ( NKLA ) shares are down 20% at 38 cents at the time of publication Thursday.

Image: Courtesy of Nikola Corporation ( NKLA )