Nikola (NASDAQ:NKLA) Announces Earnings Results

Nikola (NASDAQ:NKLA – Get Rating) posted its earnings results on Thursday. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02, Briefing.com reports. The firm had revenue of $18.10 million during the quarter, compared to the consensus estimate of $16.58 million. During the same period in the prior year, the company posted ($0.36) EPS. The firm’s revenue was up 1710.0% compared to the same quarter last year.

Nikola Price Performance

Shares of NASDAQ:NKLA traded up $0.10 during trading on Friday, hitting $8.05. 14,847,450 shares of the company’s stock were exchanged, compared to its average volume of 8,307,379. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.28 and a quick ratio of 2.14. Nikola has a 52-week low of $4.41 and a 52-week high of $15.56. The business’s 50-day simple moving average is $5.93 and its 200 day simple moving average is $7.15. The company has a market cap of $3.39 billion, a price-to-earnings ratio of -4.35 and a beta of 1.35.

Wall Street Analysts Forecast Growth

NKLA has been the topic of a number of recent research reports. Wedbush lowered their target price on Nikola from $15.00 to $10.00 in a report on Tuesday, May 10th. Evercore ISI set a $10.00 price objective on Nikola in a research note on Monday, June 20th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Nikola from $7.00 to $8.00 in a research note on Friday. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $10.88.

Hedge Funds Weigh In On Nikola

Institutional investors have recently added to or reduced their stakes in the company. Captrust Financial Advisors lifted its stake in shares of Nikola by 97.2% during the 1st quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock worth $50,000 after acquiring an additional 2,296 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of Nikola during the 1st quarter worth $29,000. Cambridge Investment Research Advisors Inc. increased its stake in shares of Nikola by 4.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 79,059 shares of the company’s stock valued at $847,000 after buying an additional 3,523 shares during the period. Point72 Hong Kong Ltd raised its holdings in shares of Nikola by 48.6% in the first quarter. Point72 Hong Kong Ltd now owns 21,064 shares of the company’s stock valued at $226,000 after acquiring an additional 6,893 shares in the last quarter. Finally, Prudential Financial Inc. lifted its stake in Nikola by 43.0% in the first quarter. Prudential Financial Inc. now owns 25,048 shares of the company’s stock worth $268,000 after acquiring an additional 7,528 shares during the period. Hedge funds and other institutional investors own 48.29% of the company’s stock.

About Nikola

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Nikola Corporation operates as a technology innovator and integrator that works to develop energy and transportation solutions. It operates through two business units, Truck and Energy. The Truck business unit develops and commercializes battery hydrogen-electric and battery-electric semi-trucks to the trucking sector.