Nikola (NASDAQ:NKLA) Trading Down 5.2%

Nikola Co. (NASDAQ:NKLA) dropped 5.2% during trading on Tuesday . The stock traded as low as $0.61 and last traded at $0.62. Approximately 38,338,197 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 95,152,898 shares. The stock had previously closed at $0.65.

Analysts Set New Price Targets

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

Nikola Price Performance

The stock has a 50-day moving average of $0.75 and a two-hundred day moving average of $0.83. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.37. The firm has a market cap of $846.12 million, a price-to-earnings ratio of -0.49 and a beta of 1.99.

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

Insider Transactions at Nikola

In related news, insider Joseph R. Pike sold 75,162 shares of the stock in a transaction that occurred 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 owns 429,790 shares in the company, valued at $292,257.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Nikola during the fourth quarter worth $93,633,000. Vanguard Group Inc. boosted its holdings in Nikola by 27.1% during 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 in the last quarter. Van ECK Associates Corp grew its stake in shares of Nikola by 47.5% in the 4th 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 holdings in shares of Nikola by 43.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,242,060 shares of the company’s stock worth $8,230,000 after buying an additional 1,577,112 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake 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 valued at $7,204,000 after buying an additional 1,199,365 shares in the last quarter. 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.