Nikola (NASDAQ:NKLA) Shares Down 2.6%

Nikola Co. (NASDAQ:NKLA)’s share price dropped 2.6% during trading on Tuesday . The company traded as low as $0.71 and last traded at $0.72. Approximately 12,194,470 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 88,672,266 shares. The stock had previously closed at $0.74.

Wall Street Analysts Forecast Growth

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

Nikola Trading Up 11.7 %

The company has a 50-day simple moving average of $0.70 and a two-hundred day simple moving average of $0.92. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.37.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings data 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. Nikola had a negative net margin of 1,475.52% and a negative return on equity of 122.20%. The company had revenue of $11.53 million during the quarter, compared to analyst estimates of $14.52 million. During the same period in the previous year, the business earned ($0.46) EPS. As a group, analysts forecast that Nikola Co. will post -0.44 earnings per share for the current year.

Insider Buying and Selling at Nikola

In other Nikola news, insider Joseph R. Pike sold 75,162 shares of the stock in a transaction dated Tuesday, March 5th. The shares were 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 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 can be accessed through the SEC website. Insiders own 10.00% of the company’s stock.

Institutional Trading of Nikola

Several hedge funds have recently made changes to their positions in NKLA. Norges Bank purchased a new stake in shares of Nikola during the 4th quarter valued at about $93,633,000. Vanguard Group Inc. raised its position in Nikola by 36.0% in the 4th quarter. Vanguard Group Inc. now owns 77,145,785 shares of the company’s stock worth $67,487,000 after purchasing an additional 20,439,596 shares during the period. BlackRock Inc. raised its position in Nikola by 81.2% in the 2nd quarter. BlackRock Inc. now owns 43,278,195 shares of the company’s stock worth $59,724,000 after purchasing an additional 19,389,959 shares during the period. State Street Corp raised its position in Nikola by 78.2% in the 2nd quarter. State Street Corp now owns 13,815,909 shares of the company’s stock worth $19,066,000 after purchasing an additional 6,061,239 shares during the period. Finally, Geode Capital Management LLC raised its position in Nikola by 67.6% in the 2nd quarter. Geode Capital Management LLC now owns 11,626,618 shares of the company’s stock worth $16,045,000 after purchasing an additional 4,690,316 shares during the period. 37.38% of the stock is currently owned by hedge funds and other 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.