Nikola (NASDAQ:NKLA) Shares Up 11.1%

Nikola Co. (NASDAQ:NKLA) shot up 11.1% during mid-day trading on Thursday . The stock traded as high as $1.08 and last traded at $1.01. 92,633,390 shares changed hands during trading, an increase of 1% from the average session volume of 91,921,875 shares. The stock had previously closed at $0.91.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on NKLA shares. Robert W. Baird initiated coverage on shares of Nikola in a research note on Wednesday, January 24th. They set an “outperform” rating and a $2.00 price target for the company. DA Davidson restated a “neutral” rating and set a $1.00 price target on shares of Nikola in a report on Tuesday, March 5th.

Nikola Stock Performance

The stock has a market capitalization of $1.39 billion, a PE ratio of -0.80 and a beta of 1.95. The company’s 50-day moving average price is $0.70 and its 200 day moving average price is $0.92. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.96 and a current ratio of 2.20.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings results on Thursday, February 22nd. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. The firm had revenue of $11.53 million during the quarter, compared to analyst estimates of $14.52 million. Nikola had a negative net margin of 1,475.52% and a negative return on equity of 122.20%. During the same period in the previous year, the business posted ($0.46) earnings per share. On average, equities research analysts expect that Nikola Co. will post -0.44 earnings per share for the current fiscal year.

Insider Transactions at Nikola

In related news, insider Joseph R. Pike sold 75,162 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $0.68, for a total transaction of $51,110.16. Following the sale, the insider now owns 429,790 shares of the company’s stock, valued at $292,257.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Capital Wealth Alliance LLC purchased a new stake in shares of Nikola during the third quarter valued at about $25,000. Marshall Wace LLP acquired a new stake in Nikola in the 4th quarter valued at $25,000. Wexford Capital LP purchased a new position in Nikola in the 4th quarter valued at $25,000. Banque Pictet & Cie SA purchased a new position in Nikola in the 3rd quarter valued at $27,000. Finally, Quantbot Technologies LP purchased a new position in shares of Nikola during the 1st quarter worth $29,000. 37.38% of the stock is currently owned by 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.