Earlier this week, Nikola (NKLA) stock fell to a new record low. While the electric vehicle (EV) stock has since recovered slightly, it is still down almost 80% for the year. The stock has been falling to newer lows throughout 2024 - but is NKLA a “cheap stock” at these levels? We’ll discuss in this article.
To begin with, let’s look at the difference between a low stock price and a cheap stock, as the nuanced differences between these two categories can often be confusing. When we talk about a “low stock price,” it's in reference to the absolute share price, and not a measure of valuation.
