TD Cowen Lowers Nikola (NASDAQ:NKLA) Price Target to $4.00

Nikola (NASDAQ:NKLA) had its price target dropped by research analysts at TD Cowen from $10.00 to $4.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the stock. TD Cowen’s target price would indicate a potential upside of 6.38% from the company’s current price.

A number of other equities research analysts have also issued reports on NKLA. DA Davidson reduced their price target on Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Robert W. Baird reduced their target price on shares of Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $13.50.

Nikola Trading Down 4.3 %

Shares of NASDAQ NKLA traded down $0.17 during trading on Friday, reaching $3.76. The stock had a trading volume of 3,603,745 shares, compared to its average volume of 3,339,095. The company has a market cap of $190.26 million, a P/E ratio of -0.15 and a beta of 2.06. Nikola has a fifty-two week low of $3.72 and a fifty-two week high of $38.40. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.31 and a current ratio of 1.53. The business’s 50-day moving average price is $5.05 and its 200-day moving average price is $10.19.

Nikola (NASDAQ:NKLA) last posted its quarterly earnings data on Friday, August 9th. The company reported ($2.67) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.78) by $0.11. The company had revenue of $31.10 million for the quarter, compared to analysts’ expectations of $26.19 million. The firm’s revenue was up 101.9% compared to the same quarter last year. During the same period in the prior year, the company posted ($7.21) EPS.

Insiders Place Their Bets

In other news, CEO Stephen J. Girsky sold 4,636 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $7.75, for a total value of $35,929.00. Following the transaction, the chief executive officer now owns 238,311 shares in the company, valued at approximately $1,846,910.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.74% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NKLA. Vanguard Group Inc. grew its holdings in shares of Nikola by 4.0% during the first quarter. Vanguard Group Inc. now owns 80,262,859 shares of the company’s stock worth $83,473,000 after purchasing an additional 3,117,074 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Nikola by 10.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,646,363 shares of the company’s stock valued at $4,832,000 after acquiring an additional 454,804 shares during the period. SG Americas Securities LLC boosted its stake in Nikola by 90.3% during the 1st quarter. SG Americas Securities LLC now owns 3,812,396 shares of the company’s stock worth $3,965,000 after purchasing an additional 1,809,074 shares during the period. Swiss National Bank grew its position in Nikola by 5.7% during the 1st quarter. Swiss National Bank now owns 2,171,500 shares of the company’s stock worth $2,258,000 after purchasing an additional 117,700 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Nikola in the first quarter valued at $1,161,000. 37.38% of the stock is 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.