Nikola (NASDAQ:NKLA) Trading Up 1%

Nikola Co. (NASDAQ:NKLA) was up 1% on Tuesday . The company traded as high as $0.66 and last traded at $0.64. Approximately 20,764,791 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 96,579,539 shares. The stock had previously closed at $0.63.

Wall Street Analysts Forecast Growth

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

Nikola Stock Down 2.4 %

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 firm’s fifty day moving average is $0.75 and its two-hundred day moving average is $0.85.

Nikola (NASDAQ:NKLA) last issued its earnings results on Thursday, February 22nd. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.05. The firm had revenue of $11.53 million during the quarter, compared to the consensus estimate of $14.52 million. During the same period in the prior year, the company posted ($0.46) EPS. On average, sell-side analysts forecast that Nikola Co. will post -0.44 EPS for the current year.

Insiders Place Their Bets

In other Nikola news, insider Joseph R. Pike sold 75,162 shares of the business’s 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 sale, the insider now owns 429,790 shares in the company, valued at approximately $292,257.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate 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. Bank of New York Mellon Corp raised its position in shares of Nikola by 4.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,109,543 shares of the company’s stock valued at $3,312,000 after buying an additional 96,196 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Nikola by 39.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 594,018 shares of the company’s stock worth $933,000 after purchasing an additional 168,513 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in Nikola by 35.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,588,507 shares of the company’s stock worth $7,204,000 after purchasing an additional 1,199,365 shares during the period. Principal Financial Group Inc. grew its stake in Nikola by 45.0% in the 3rd quarter. Principal Financial Group Inc. now owns 91,453 shares of the company’s stock worth $144,000 after acquiring an additional 28,401 shares in the last quarter. Finally, Private Advisor Group LLC bought a new position in Nikola in the 3rd quarter worth about $51,000. 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.