Nikola (NASDAQ:NKLA) Trading 7.5% Higher

Nikola Co. (NASDAQ:NKLA)’s stock price shot up 7.5% on Tuesday . The stock traded as high as $0.71 and last traded at $0.70. 44,883,446 shares were traded during mid-day trading, a decline of 55% from the average session volume of 99,220,641 shares. The stock had previously closed at $0.65.

Wall Street Analyst Weigh In

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

Nikola Trading Up 2.2 %

The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.96 and a current ratio of 2.20. The firm’s fifty day simple moving average is $0.76 and its 200-day simple moving average is $0.88. The stock has a market cap of $891.79 million, a P/E ratio of -0.56 and a beta of 1.99.

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, topping the consensus estimate 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 previous year, the business posted ($0.46) EPS. Equities research analysts expect that Nikola Co. will post -0.44 EPS for the current fiscal year.

Insider Activity

In other news, insider Joseph R. Pike sold 75,162 shares of Nikola stock in a transaction 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 completion of the sale, the insider now owns 429,790 shares in the company, valued at approximately $292,257.20. The transaction 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.

Institutional Trading of Nikola

Several hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors increased its stake in 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 purchasing an additional 2,296 shares in the last quarter. Quantbot Technologies LP bought a new stake in Nikola during the 1st quarter valued at $29,000. Cambridge Investment Research Advisors Inc. increased its stake in Nikola by 4.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 79,059 shares of the company’s stock valued at $847,000 after purchasing an additional 3,523 shares in the last quarter. Principal Financial Group Inc. increased its stake in Nikola by 9.2% during the 2nd quarter. Principal Financial Group Inc. now owns 45,302 shares of the company’s stock valued at $216,000 after purchasing an additional 3,811 shares in the last quarter. Finally, Nomura Holdings Inc. increased its stake in Nikola by 19.4% during the 2nd quarter. Nomura Holdings Inc. now owns 29,770 shares of the company’s stock valued at $143,000 after purchasing an additional 4,832 shares in the last quarter. 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.