Nikola (NASDAQ:NKLA) Trading Down 1.4%

Nikola Co. (NASDAQ:NKLA) dropped 1.4% during trading on Monday . The stock traded as low as $0.63 and last traded at $0.64. Approximately 26,940,815 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 97,047,820 shares. The stock had previously closed at $0.64.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NKLA. DA Davidson reiterated a “neutral” rating and set a $1.00 price target on shares of Nikola in a report on Tuesday, March 5th. Wolfe Research initiated coverage on shares of Nikola in a report on Tuesday, April 9th. They set a “peer perform” rating for the company. Finally, Robert W. Baird began coverage on Nikola in a research note on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 target price on the stock.

Nikola Price Performance

The company’s fifty day simple moving average is $0.75 and its 200 day simple moving average is $0.85. The company has a quick ratio of 1.96, a current ratio of 2.20 and a debt-to-equity ratio of 0.37.

Nikola (NASDAQ:NKLA) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.12) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.05. The business had revenue of $11.53 million for the quarter, compared to analysts’ expectations of $14.52 million. During the same period last year, the business earned ($0.46) earnings per share. Sell-side analysts predict that Nikola Co. will post -0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Joseph R. Pike sold 75,162 shares of the business’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 transaction of $51,110.16. Following the completion of the transaction, the insider now directly owns 429,790 shares of the company’s stock, valued at $292,257.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 10.00% of the company’s stock.

Institutional Trading of Nikola

Hedge funds have recently bought and sold shares of the company. Krane Funds Advisors LLC grew its position in shares of Nikola by 7.4% during 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. Cantor Fitzgerald L. P. grew its stake in shares of Nikola by 817.5% in the 4th quarter. Cantor Fitzgerald L. P. now owns 93,244 shares of the company’s stock worth $82,000 after buying an additional 83,081 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Nikola by 162.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 49,304 shares of the company’s stock worth $43,000 after acquiring an additional 30,490 shares during the last quarter. Capstone Investment Advisors LLC increased its position in shares of Nikola by 368.1% during the 4th quarter. Capstone Investment Advisors LLC now owns 241,294 shares of the company’s stock valued at $211,000 after purchasing an additional 189,751 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Nikola in the fourth quarter valued at $93,633,000. Hedge funds and other 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.