Nikola (NASDAQ:NKLA) Shares Up 1.9%

Nikola Co. (NASDAQ:NKLA) shot up 1.9% during mid-day trading on Friday . The stock traded as high as $0.68 and last traded at $0.67. 16,113,989 shares changed hands during trading, a decline of 83% from the average session volume of 97,482,414 shares. The stock had previously closed at $0.66.

Wall Street Analyst Weigh In

Several brokerages have issued reports on NKLA. DA Davidson reaffirmed a “neutral” rating and set a $1.00 target price on shares of Nikola in a research report on Tuesday, March 5th. Wolfe Research initiated coverage on Nikola in a research report on Tuesday, April 9th. They issued a “peer perform” rating for the company. Finally, Robert W. Baird initiated coverage on Nikola in a research report on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price objective for the company.

Nikola Price Performance

The stock has a market cap of $881.64 million, a price-to-earnings ratio of -0.53 and a beta of 1.99. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.37. The stock has a 50-day moving average price of $0.76 and a two-hundred day moving average price of $0.87.

Nikola (NASDAQ:NKLA) last issued its earnings results on Thursday, February 22nd. The company reported ($0.12) earnings per share (EPS) 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 analysts’ expectations of $14.52 million. During the same quarter last year, the business earned ($0.46) EPS. As a group, equities research analysts forecast that Nikola Co. will post -0.44 EPS for the current year.

Insider Buying and Selling

In related news, insider Joseph R. Pike sold 75,162 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $0.68, for a total value of $51,110.16. Following the completion of the transaction, the insider now owns 429,790 shares in the company, valued at approximately $292,257.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nikola

A number of institutional investors have recently modified their holdings of NKLA. Quantbot Technologies LP acquired a new stake in shares of Nikola during the 1st quarter valued at about $29,000. Captrust Financial Advisors grew its position in shares of Nikola by 97.2% during the 1st quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock valued at $50,000 after acquiring an additional 2,296 shares during the period. Marshall Wace LLP acquired a new stake in shares of Nikola during the 4th quarter valued at about $25,000. Beacon Pointe Advisors LLC acquired a new stake in shares of Nikola during the 1st quarter valued at about $134,000. Finally, PNC Financial Services Group Inc. grew its position in shares of Nikola by 577.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 15,302 shares of the company’s stock valued at $163,000 after acquiring an additional 13,044 shares during the period. Hedge funds and other institutional investors own 37.38% of the company’s stock.

Nikola Company Profile

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.