Coatue Management LLC Cuts Position in Nikola Co. (NASDAQ:NKLA)

Coatue Management LLC trimmed its position in shares of Nikola Co. (NASDAQ:NKLA) by 0.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,586,880 shares of the company’s stock after selling 74,108 shares during the period. Coatue Management LLC owned about 2.41% of Nikola worth $173,139,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in NKLA. BDO Wealth Advisors LLC increased its stake in Nikola by 786.5% in the first quarter. BDO Wealth Advisors LLC now owns 2,225 shares of the company’s stock valued at $31,000 after purchasing an additional 1,974 shares during the last quarter. SRS Capital Advisors Inc. purchased a new position in Nikola in the second quarter valued at approximately $36,000. Northwestern Mutual Wealth Management Co. increased its stake in Nikola by 253.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,309 shares of the company’s stock valued at $78,000 after purchasing an additional 3,089 shares during the last quarter. Nisa Investment Advisors LLC purchased a new position in Nikola in the second quarter valued at approximately $94,000. Finally, NEXT Financial Group Inc increased its stake in Nikola by 331.0% in the second quarter. NEXT Financial Group Inc now owns 7,930 shares of the company’s stock valued at $143,000 after purchasing an additional 6,090 shares during the last quarter. Hedge funds and other institutional investors own 19.07% of the company’s stock.

Several equities analysts have commented on the stock. BTIG Research dropped their price target on shares of Nikola from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, August 3rd. Deutsche Bank Aktiengesellschaft decreased their price objective on Nikola from $16.00 to $15.00 and set a “hold” rating for the company in a report on Wednesday, August 4th. DA Davidson initiated coverage on Nikola in a report on Tuesday, August 10th. They issued a “neutral” rating and a $10.00 price objective for the company. JPMorgan Chase & Co. decreased their price objective on Nikola from $21.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, September 9th. Finally, Zacks Investment Research raised Nikola from a “hold” rating to a “buy” rating and set a $11.00 price objective for the company in a report on Saturday, August 7th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $17.33.

In other news, major shareholder Trevor R. Milton sold 491,039 shares of the firm’s stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $10.63, for a total value of $5,219,744.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Pablo M. Koziner sold 8,511 shares of the firm’s stock in a transaction on Tuesday, September 7th. The shares were sold at an average price of $10.63, for a total value of $90,471.93. The disclosure for this sale can be found here. In the last three months, insiders sold 6,190,728 shares of company stock valued at $63,440,033. 22.80% of the stock is owned by corporate insiders.

Shares of NASDAQ NKLA traded down $0.19 during mid-day trading on Thursday, hitting $11.16. 163,060 shares of the company were exchanged, compared to its average volume of 13,120,039. The company has a quick ratio of 7.80, a current ratio of 7.82 and a debt-to-equity ratio of 0.02. The stock has a 50 day simple moving average of $10.35 and a 200-day simple moving average of $12.69. Nikola Co. has a 1-year low of $9.02 and a 1-year high of $37.95. The firm has a market cap of $4.44 billion, a price-to-earnings ratio of -8.35 and a beta of 0.66.

Nikola (NASDAQ:NKLA) last issued its quarterly earnings results on Monday, August 2nd. The company reported ($0.20) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.47) by $0.27. During the same period last year, the company earned ($0.16) EPS. Analysts anticipate that Nikola Co. will post -1.52 earnings per share for the current fiscal year.

About Nikola

Nikola Corp. engages in the provision of zero-emissions transportation and infrastructure solutions. It designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems and hydrogen fueling station infrastructure. The company was founded by Trevor Milton in 2015 and is headquartered in Phoenix, AZ.

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Institutional Ownership by Quarter for Nikola (NASDAQ:NKLA)

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