Nikola (NASDAQ:NKLA) Shares Down 1.4%

Nikola Co. (NASDAQ:NKLA) dropped 1.4% during mid-day trading on Wednesday . The company traded as low as $0.64 and last traded at $0.66. Approximately 28,306,615 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 98,857,578 shares. The stock had previously closed at $0.67.

Wall Street Analysts Forecast Growth

NKLA has been the topic of a number of research reports. DA Davidson reiterated a “neutral” rating and issued a $1.00 price target on shares of Nikola in a report on Tuesday, March 5th. Robert W. Baird began 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. Finally, Wolfe Research began coverage on shares of Nikola in a research note on Tuesday, April 9th. They set a “peer perform” rating for the company.

Nikola Stock Down 2.8 %

The business’s fifty day moving average is $0.76 and its two-hundred day moving average is $0.88. The company has a market cap of $863.20 million, a P/E ratio of -0.52 and a beta of 1.99. 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 data on Thursday, February 22nd. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. The company had revenue of $11.53 million for the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the previous year, the business earned ($0.46) EPS. Equities analysts predict that Nikola Co. will post -0.44 EPS for the current year.

Insider Activity at Nikola

In related news, insider Joseph R. Pike sold 75,162 shares of Nikola stock in a transaction dated Tuesday, March 5th. The shares were 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 owns 429,790 shares in the company, valued at approximately $292,257.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 10.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nikola

Large investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its holdings 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 purchasing an additional 1,577,112 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised 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 purchasing an additional 75,880 shares in the last quarter. Swiss National Bank raised its holdings in shares of Nikola by 14.6% in 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. Vanguard Group Inc. raised its holdings in shares of Nikola by 27.1% in the 3rd quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock valued at $89,029,000 after purchasing an additional 12,085,830 shares in the last quarter. Finally, Saxon Interests Inc. bought a new stake in shares of Nikola in the 3rd quarter valued at about $1,613,000. Institutional investors own 37.38% of the company’s stock.

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.