Nikola (NASDAQ:NKLA) Shares Gap Up to $9.91

Nikola Co. (NASDAQ:NKLA) shares gapped up before the market opened on Wednesday . The stock had previously closed at $9.91, but opened at $10.23. Nikola shares last traded at $9.82, with a volume of 84,093 shares.

Several equities research analysts have issued reports on NKLA shares. DA Davidson assumed coverage on shares of Nikola in a report on Tuesday, August 10th. They issued a “neutral” rating and a $10.00 price target on the stock. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Nikola from $16.00 to $15.00 and set a “hold” rating for the company in a research report on Wednesday, August 4th. BTIG Research decreased their price objective on Nikola from $18.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, August 3rd. JPMorgan Chase & Co. dropped their target price on Nikola from $21.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, September 9th. Finally, Zacks Investment Research raised Nikola from a “hold” rating to a “buy” rating and set a $11.00 price target on the stock in a research note on Saturday, August 7th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $17.70.

The company has a 50-day simple moving average of $11.54 and a 200-day simple moving average of $13.42. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.80 and a current ratio of 7.82. The stock has a market cap of $3.94 billion, a P/E ratio of -7.47 and a beta of 0.66.

Nikola (NASDAQ:NKLA) last issued its quarterly earnings results on Monday, August 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.47) by $0.27. During the same quarter last year, the company posted ($0.16) EPS. As a group, sell-side analysts expect that Nikola Co. will post -1.52 earnings per share for the current fiscal year.

In other news, major shareholder Trevor R. Milton sold 1,259,890 shares of the company’s stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $10.00, for a total transaction of $12,598,900.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Trevor R. Milton sold 2,033,617 shares of the business’s stock in a transaction dated Tuesday, August 10th. The stock was sold at an average price of $10.54, for a total value of $21,434,323.18. The disclosure for this sale can be found here. Insiders have sold 6,190,728 shares of company stock worth $63,440,033 over the last quarter. 22.80% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of NKLA. Abundance Wealth Counselors bought a new stake in Nikola in the first quarter valued at about $28,000. BDO Wealth Advisors LLC raised its position in shares of Nikola by 786.5% in the 1st quarter. BDO Wealth Advisors LLC now owns 2,225 shares of the company’s stock valued at $31,000 after acquiring an additional 1,974 shares during the period. SRS Capital Advisors Inc. acquired a new position in Nikola during the second quarter valued at approximately $36,000. Itau Unibanco Holding S.A. bought a new stake in Nikola in the second quarter valued at approximately $42,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in Nikola by 253.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,309 shares of the company’s stock worth $78,000 after purchasing an additional 3,089 shares during the period. Institutional investors and hedge funds own 19.07% of the company’s stock.

About Nikola (NASDAQ:NKLA)

Nikola Corp. engages in the provision of zero-emissions transportation and infrastructure solutions. It designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems and hydrogen fueling station infrastructure. The company was founded by Trevor Milton in 2015 and is headquartered in Phoenix, AZ.

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