Nikola (NASDAQ:NKLA) Shares Down 1.4%

Nikola Co. (NASDAQ:NKLA)’s stock price traded down 1.4% during trading on Monday . The stock traded as low as $0.63 and last traded at $0.64. 26,940,815 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 97,047,820 shares. The stock had previously closed at $0.64.

Analysts Set New Price Targets

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

Nikola Price Performance

The company has a market cap of $842.90 million, a price-to-earnings ratio of -0.49 and a beta of 1.99. 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 company’s fifty day moving average price is $0.76 and its two-hundred day moving average price is $0.86.

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

Insider Buying and Selling

In related news, insider Joseph R. Pike sold 75,162 shares of the stock in a transaction on 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 in the company, valued at $292,257.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Nikola

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Nikola in the fourth quarter valued at about $93,633,000. Vanguard Group Inc. raised its position in shares of Nikola by 27.1% in the third quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock valued at $89,029,000 after purchasing an additional 12,085,830 shares during the period. Van ECK Associates Corp raised its position in shares of Nikola by 47.5% in the fourth quarter. Van ECK Associates Corp now owns 6,466,358 shares of the company’s stock valued at $5,657,000 after purchasing an additional 2,083,089 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Nikola by 43.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,242,060 shares of the company’s stock valued at $8,230,000 after purchasing an additional 1,577,112 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Nikola by 35.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,588,507 shares of the company’s stock valued at $7,204,000 after purchasing an additional 1,199,365 shares during the period. 37.38% of the stock is owned by institutional investors.

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.