Nikola (NASDAQ:NKLA) Shares Up 2%

Nikola Co. (NASDAQ:NKLA)’s share price rose 2% on Tuesday . The company traded as high as $0.77 and last traded at $0.76. Approximately 38,413,276 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 89,044,984 shares. The stock had previously closed at $0.74.

Analyst Ratings Changes

NKLA has been the topic of several research reports. Robert W. Baird assumed coverage on Nikola in a research note on Wednesday, January 24th. They set an “outperform” rating and a $2.00 price target on the stock. DA Davidson reissued a “neutral” rating and issued a $1.00 price target on shares of Nikola in a report on Tuesday, March 5th.

Nikola Stock Up 11.7 %

The company has a 50-day moving average of $0.70 and a 200 day moving average of $0.92. The company has a current ratio of 2.20, a quick ratio of 1.96 and a debt-to-equity ratio of 0.37.

Nikola (NASDAQ:NKLA) last posted its quarterly earnings data on Thursday, February 22nd. The company reported ($0.12) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.05. The company 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 quarter last year, the business posted ($0.46) earnings per share. On average, equities research analysts forecast that Nikola Co. will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling at Nikola

In other Nikola news, insider Joseph R. Pike sold 75,162 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $0.68, for a total transaction of $51,110.16. Following the completion of the sale, the insider now directly owns 429,790 shares of the company’s stock, valued at approximately $292,257.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Nikola

A number of institutional investors have recently made changes to their positions in NKLA. Charles Schwab Investment Management Inc. increased its stake in shares of Nikola by 43.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,242,060 shares of the company’s stock valued at $8,230,000 after acquiring an additional 1,577,112 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in shares of Nikola by 5.9% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,369,619 shares of the company’s stock worth $2,150,000 after purchasing an additional 75,880 shares during the period. Swiss National Bank lifted its holdings 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 valued at $1,979,000 after purchasing an additional 160,700 shares in the last quarter. Saxon Interests Inc. bought a new stake in Nikola during the 3rd quarter worth approximately $1,613,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Nikola by 39.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 594,018 shares of the company’s stock worth $933,000 after buying an additional 168,513 shares during the period. 37.38% of the stock is owned by institutional investors and hedge funds.

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.