Nikola (NASDAQ:NKLA) Stock Price Down 2.4%

Nikola Co. (NASDAQ:NKLA) fell 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 trading, a decline of 77% from the average session volume of 95,796,180 shares. The stock had previously closed at $0.62.

Wall Street Analysts Forecast Growth

NKLA has been the subject of several analyst reports. DA Davidson reiterated a “neutral” rating and issued a $1.00 price objective on shares of Nikola in a research report on Tuesday, March 5th. Wolfe Research started coverage on Nikola in a report on Tuesday, April 9th. They set a “peer perform” rating for the company. Finally, Robert W. Baird assumed coverage on shares of Nikola in a report on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price objective on the stock.

Nikola Price Performance

The company has a fifty day moving average of $0.75 and a 200-day moving average of $0.85. 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 stock has a market cap of $801.37 million, a PE ratio of -0.48 and a beta of 1.99.

Nikola (NASDAQ:NKLA) last issued 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 business had revenue of $11.53 million for the quarter, compared to analyst estimates of $14.52 million. During the same period in the prior year, the company posted ($0.46) EPS. Sell-side analysts expect that Nikola Co. will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling at Nikola

In related news, insider Joseph R. Pike sold 75,162 shares of Nikola 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 completion of the transaction, the insider now directly owns 429,790 shares in the company, valued at $292,257.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 10.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nikola

Several hedge funds and other institutional investors have recently made changes to their positions in NKLA. Charles Schwab Investment Management Inc. increased its holdings in Nikola by 43.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,242,060 shares of the company’s stock valued at $8,230,000 after buying an additional 1,577,112 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in shares of Nikola by 5.9% in the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,369,619 shares of the company’s stock valued at $2,150,000 after acquiring an additional 75,880 shares during the last quarter. Swiss National Bank raised its position in shares of Nikola by 14.6% during the 3rd quarter. Swiss National Bank now owns 1,260,400 shares of the company’s stock worth $1,979,000 after acquiring an additional 160,700 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Nikola by 27.1% during the 3rd quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock worth $89,029,000 after acquiring an additional 12,085,830 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in Nikola by 78.3% during the fourth quarter. Arizona State Retirement System now owns 291,130 shares of the company’s stock worth $255,000 after purchasing an additional 127,856 shares during the last quarter. Hedge funds and other institutional investors own 37.38% of the company’s stock.

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.