Nikola (NASDAQ:NKLA) Shares Down 2.5%

Nikola Co. (NASDAQ:NKLA) shares dropped 2.5% during mid-day trading on Wednesday . The stock traded as low as $0.77 and last traded at $0.79. Approximately 55,577,513 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 89,781,047 shares. The stock had previously closed at $0.81.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Robert W. Baird initiated coverage on Nikola in a research report on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 target price on the stock. DA Davidson reiterated a “neutral” rating and set a $1.00 target price on shares of Nikola in a report on Tuesday, March 5th.

Nikola Price Performance

The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.37. The stock has a 50 day moving average price of $0.71 and a 200 day moving average price of $0.92.

Nikola (NASDAQ:NKLA) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. The firm had revenue of $11.53 million during the quarter, compared to the consensus estimate of $14.52 million. Nikola had a negative return on equity of 122.20% and a negative net margin of 1,475.52%. During the same period last year, the business posted ($0.46) EPS. As a group, analysts expect that Nikola Co. will post -0.44 EPS for the current year.

Insiders Place Their Bets

In related news, insider Joseph R. Pike sold 75,162 shares of Nikola stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $0.68, for a total value of $51,110.16. Following the sale, the insider now owns 429,790 shares of the company’s stock, valued at approximately $292,257.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Nikola

Hedge funds have recently modified their holdings of the stock. Quantbot Technologies LP purchased a new position in Nikola in the 1st quarter valued at approximately $29,000. Captrust Financial Advisors lifted its holdings in shares of Nikola by 97.2% during the 1st quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock worth $50,000 after acquiring an additional 2,296 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Nikola during the 4th quarter worth $25,000. Beacon Pointe Advisors LLC bought a new stake in Nikola in the first quarter worth $134,000. Finally, PNC Financial Services Group Inc. lifted its stake in Nikola by 577.7% in the first quarter. PNC Financial Services Group Inc. now owns 15,302 shares of the company’s stock worth $163,000 after purchasing an additional 13,044 shares during the last quarter. Institutional investors own 37.38% of the company’s stock.

About Nikola

Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions in the United States and internationally. The company operates in truck and energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector.