Nikola (NASDAQ:NKLA) Trading 1% Higher

Nikola Co. (NASDAQ:NKLA)’s share price traded up 1% during trading on Tuesday . The stock traded as high as $0.66 and last traded at $0.64. 20,764,791 shares changed hands during trading, a decline of 78% from the average session volume of 96,579,539 shares. The stock had previously closed at $0.63.

Analysts Set New Price Targets

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

Nikola Trading Up 1.5 %

The firm has a 50-day moving average price of $0.75 and a 200-day moving average price of $0.86. The stock has a market cap of $854.79 million, a PE ratio of -0.51 and a beta of 1.99. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.96 and a current ratio of 2.20.

Nikola (NASDAQ:NKLA) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. The firm had revenue of $11.53 million for the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the prior year, the firm earned ($0.46) earnings per share. As a group, equities analysts anticipate that Nikola Co. will post -0.44 EPS for the current fiscal year.

Insider Activity at Nikola

In related news, insider Joseph R. Pike sold 75,162 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $0.68, for a total transaction of $51,110.16. Following the completion of the transaction, the insider now directly owns 429,790 shares in the company, valued at approximately $292,257.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 10.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. boosted its stake in Nikola by 43.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,242,060 shares of the company’s stock worth $8,230,000 after purchasing an additional 1,577,112 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its holdings in shares of Nikola by 5.9% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,369,619 shares of the company’s stock worth $2,150,000 after acquiring an additional 75,880 shares in the last quarter. Swiss National Bank raised its holdings in shares of Nikola by 14.6% during the 3rd quarter. Swiss National Bank now owns 1,260,400 shares of the company’s stock worth $1,979,000 after acquiring an additional 160,700 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Nikola by 27.1% during the 3rd quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock worth $89,029,000 after acquiring an additional 12,085,830 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in shares of Nikola by 78.3% during the 4th quarter. Arizona State Retirement System now owns 291,130 shares of the company’s stock worth $255,000 after acquiring an additional 127,856 shares in the last quarter. 37.38% of the stock is currently owned by institutional investors.

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.