Nikola (NASDAQ:NKLA) Shares Down 2.4%

Nikola Co. (NASDAQ:NKLA) shares traded down 2.4% during mid-day trading on Thursday . The company traded as low as $0.60 and last traded at $0.61. 22,470,007 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 95,796,180 shares. The stock had previously closed at $0.62.

Analysts Set New Price Targets

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

Nikola Stock Up 7.2 %

The company has a debt-to-equity ratio of 0.37, a current ratio of 2.20 and a quick ratio of 1.96. The company has a 50 day moving average price of $0.75 and a 200 day moving average price of $0.84.

Nikola (NASDAQ:NKLA) last posted 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 company had revenue of $11.53 million during the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the prior year, the business earned ($0.46) earnings per share. As a group, equities research analysts expect that Nikola Co. will post -0.44 EPS for the current year.

Insider Transactions at Nikola

In other news, insider Joseph R. Pike sold 75,162 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $0.68, for a total value of $51,110.16. Following the transaction, the insider now directly owns 429,790 shares in the company, valued at approximately $292,257.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp lifted its holdings in Nikola by 4.8% during the third quarter. Bank of New York Mellon Corp now owns 2,109,543 shares of the company’s stock worth $3,312,000 after acquiring an additional 96,196 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Nikola by 39.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 594,018 shares of the company’s stock valued at $933,000 after purchasing an additional 168,513 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings 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 in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Nikola by 45.0% in the third quarter. Principal Financial Group Inc. now owns 91,453 shares of the company’s stock valued at $144,000 after purchasing an additional 28,401 shares in the last quarter. Finally, Private Advisor Group LLC bought a new stake in shares of Nikola in the third quarter valued at about $51,000. 37.38% of the stock is currently 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.