Nikola (NASDAQ:NKLA) Stock Price Down 6.9%

Nikola Co. (NASDAQ:NKLAGet Free Report) dropped 6.9% during mid-day trading on Wednesday . The company traded as low as $0.89 and last traded at $0.91. Approximately 66,244,838 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 94,840,398 shares. The stock had previously closed at $0.97.

Wall Street Analysts Forecast Growth

NKLA has been the subject of a number of recent research reports. Robert W. Baird began coverage on shares of Nikola in a report on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price objective for the company. DA Davidson reaffirmed a “neutral” rating and set a $1.00 price target on shares of Nikola in a report on Tuesday, March 5th.

Check Out Our Latest Stock Report on Nikola

Nikola Stock Performance

The stock’s 50-day moving average is $0.73 and its 200-day moving average is $0.92. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of -0.72 and a beta of 1.99. 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:NKLAGet Free Report) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. The company had revenue of $11.53 million for the quarter, compared to analyst estimates of $14.52 million. During the same quarter in the prior year, the company earned ($0.46) earnings per share. On average, analysts predict that Nikola Co. will post -0.44 EPS for the current fiscal year.

Insider Buying and Selling

In other Nikola news, insider Joseph R. Pike sold 75,162 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The shares were 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 approximately $292,257.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 10.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nikola

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its position in Nikola by 36.0% in the 4th quarter. Vanguard Group Inc. now owns 77,145,785 shares of the company’s stock valued at $67,487,000 after acquiring an additional 20,439,596 shares during the period. Krane Funds Advisors LLC increased its position in Nikola by 7.4% in the 4th quarter. Krane Funds Advisors LLC now owns 419,671 shares of the company’s stock valued at $367,000 after acquiring an additional 29,016 shares during the period. Legal & General Group Plc increased its position in Nikola by 68.5% in the 4th quarter. Legal & General Group Plc now owns 880,487 shares of the company’s stock valued at $770,000 after acquiring an additional 357,819 shares during the period. Wexford Capital LP acquired a new position in Nikola in the 4th quarter valued at approximately $25,000. Finally, Bayesian Capital Management LP bought a new stake in shares of Nikola in the 4th quarter valued at $142,000. 37.38% of the stock is currently owned by institutional investors and hedge funds.

Nikola Company Profile

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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.

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