Nikola (NASDAQ:NKLA) Downgraded by Bryan, Garnier & Co to “Neutral”

Bryan, Garnier & Co cut shares of Nikola (NASDAQ:NKLA) from a buy rating to a neutral rating in a research note published on Thursday, MarketBeat.com reports.

Other equities research analysts have also recently issued reports about the stock. DA Davidson cut their price objective on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. TD Cowen decreased their price objective on shares of Nikola from $10.00 to $4.00 and set a “hold” rating for the company in a research report on Friday, November 1st. Finally, Robert W. Baird cut their price target on Nikola from $14.00 to $10.00 and set an “outperform” rating for the company in a report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $13.50.

Nikola Price Performance

NKLA stock traded down $0.07 during midday trading on Thursday, hitting $3.01. The stock had a trading volume of 2,604,928 shares, compared to its average volume of 3,383,345. The stock has a 50-day simple moving average of $4.68 and a 200 day simple moving average of $9.62. Nikola has a 52 week low of $2.91 and a 52 week high of $34.80. The company has a quick ratio of 0.94, a current ratio of 1.17 and a debt-to-equity ratio of 0.71.

Nikola (NASDAQ:NKLA) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($2.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.24) by ($0.51). The business had revenue of $25.20 million during the quarter, compared to the consensus estimate of $37.23 million. Nikola had a negative net margin of 840.44% and a negative return on equity of 95.73%. The company’s revenue for the quarter was up 1382.4% on a year-over-year basis.

Institutional Trading of Nikola

A number of hedge funds and other institutional investors have recently bought and sold shares of NKLA. Unique Wealth Strategies LLC purchased a new stake in Nikola in the 2nd quarter valued at about $25,000. Summit Securities Group LLC bought a new stake in Nikola during the 2nd quarter worth approximately $56,000. Sanctuary Advisors LLC purchased a new position in Nikola in the 2nd quarter worth approximately $138,000. One Wealth Management Investment & Advisory Services LLC bought a new stake in Nikola in the 3rd quarter worth approximately $110,000. Finally, Point72 DIFC Ltd purchased a new stake in Nikola during the 2nd quarter valued at about $215,000. Institutional investors own 37.38% of the company’s stock.

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.