Nikola (NASDAQ:NKLA) Trading 6.2% Higher

Shares of Nikola Co. (NASDAQ:NKLAGet Free Report) traded up 6.2% during mid-day trading on Friday . The company traded as high as $0.36 and last traded at $0.35. 42,431,090 shares changed hands during trading, a decline of 53% from the average session volume of 90,307,164 shares. The stock had previously closed at $0.33.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wolfe Research assumed coverage on Nikola in a research report on Tuesday, April 9th. They set a “peer perform” rating on the stock. Bryan, Garnier & Co began coverage on Nikola in a research note on Thursday, May 16th. They set a “buy” rating and a $1.00 target price on the stock. Finally, DA Davidson reaffirmed a “neutral” rating and set a $1.00 target price on shares of Nikola in a research note on Wednesday, June 12th.

Get Our Latest Stock Analysis on NKLA

Nikola Stock Performance

The stock has a market cap of $502.47 million, a P/E ratio of -0.33 and a beta of 2.11. The business has a 50 day moving average price of $0.56 and a 200 day moving average price of $0.70. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.46.

Nikola (NASDAQ:NKLAGet Free Report) last released its earnings results on Tuesday, May 7th. The company reported ($0.10) EPS for the quarter, meeting analysts’ consensus estimates of ($0.10). The business had revenue of $7.50 million for the quarter, compared to the consensus estimate of $15.05 million. As a group, sell-side analysts expect that Nikola Co. will post -0.39 EPS for the current year.

Insider Buying and Selling

In other news, CEO Stephen J. Girsky acquired 1,000,000 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average price of $0.54 per share, with a total value of $540,000.00. Following the completion of the purchase, the chief executive officer now directly owns 7,243,005 shares in the company, valued at $3,911,222.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.74% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NKLA. Norges Bank bought a new position in Nikola in the fourth quarter worth approximately $93,633,000. Vanguard Group Inc. boosted its position in Nikola by 27.1% during the 3rd quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock valued at $89,029,000 after acquiring an additional 12,085,830 shares in the last quarter. Van ECK Associates Corp boosted its position in Nikola by 65.4% during the 1st quarter. Van ECK Associates Corp now owns 10,695,472 shares of the company’s stock valued at $11,123,000 after acquiring an additional 4,229,114 shares in the last quarter. SG Americas Securities LLC boosted its position in Nikola by 90.3% during the 1st quarter. SG Americas Securities LLC now owns 3,812,396 shares of the company’s stock valued at $3,965,000 after acquiring an additional 1,809,074 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Nikola by 43.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,242,060 shares of the company’s stock valued at $8,230,000 after acquiring an additional 1,577,112 shares in the last quarter. Institutional investors own 37.38% of the company’s stock.

Nikola Company Profile

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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.

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