Nikola Co. (NASDAQ:NKLA – Get Rating) was the target of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 90,130,000 shares, a growth of 28.9% from the April 30th total of 69,900,000 shares. Based on an average daily trading volume, of 13,450,000 shares, the days-to-cover ratio is currently 6.7 days. Approximately 36.5% of the shares of the stock are short sold.
Shares of NASDAQ NKLA traded down $0.13 during midday trading on Tuesday, hitting $7.06. The stock had a trading volume of 12,151,650 shares, compared to its average volume of 14,903,279. The company’s 50-day simple moving average is $7.79 and its 200 day simple moving average is $8.65. The firm has a market cap of $2.97 billion, a P/E ratio of -3.93 and a beta of 1.07. Nikola has a fifty-two week low of $4.82 and a fifty-two week high of $19.52. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.28 and a quick ratio of 2.14.
Nikola (NASDAQ:NKLA – Get Rating) last released its earnings results on Thursday, May 5th. The company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.16. The firm had revenue of $1.90 million during the quarter, compared to analyst estimates of $0.13 million. The firm’s quarterly revenue was up 1899900.0% on a year-over-year basis. During the same period last year, the business posted ($0.31) earnings per share. Equities analysts expect that Nikola will post -1.75 EPS for the current fiscal year.
Several equities analysts recently commented on the company. Wedbush cut their target price on Nikola from $15.00 to $10.00 in a research report on Tuesday, May 10th. Zacks Investment Research raised Nikola from a “sell” rating to a “hold” rating in a report on Wednesday, May 11th. Royal Bank of Canada dropped their price target on Nikola from $11.00 to $8.00 and set a “sector perform” rating for the company in a report on Friday, February 25th. Cowen dropped their price target on Nikola from $25.00 to $15.00 and set an “outperform” rating for the company in a report on Friday, February 25th. Finally, JPMorgan Chase & Co. dropped their price target on Nikola from $12.00 to $10.00 and set a “neutral” rating for the company in a report on Friday, February 25th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Nikola currently has a consensus rating of “Hold” and a consensus price target of $11.09.
Several institutional investors have recently made changes to their positions in NKLA. Wells Fargo & Company MN grew its stake in shares of Nikola by 47.6% during the second quarter. Wells Fargo & Company MN now owns 104,720 shares of the company’s stock worth $1,891,000 after purchasing an additional 33,793 shares during the period. Morgan Stanley grew its stake in shares of Nikola by 54.8% during the second quarter. Morgan Stanley now owns 694,697 shares of the company’s stock worth $12,546,000 after purchasing an additional 245,832 shares during the period. Principal Financial Group Inc. grew its stake in shares of Nikola by 47.2% during the third quarter. Principal Financial Group Inc. now owns 47,187 shares of the company’s stock worth $503,000 after purchasing an additional 15,123 shares during the period. BlackRock Inc. grew its stake in shares of Nikola by 13.4% during the third quarter. BlackRock Inc. now owns 13,642,339 shares of the company’s stock worth $145,564,000 after purchasing an additional 1,616,997 shares during the period. Finally, Teacher Retirement System of Texas grew its stake in shares of Nikola by 22.4% during the third quarter. Teacher Retirement System of Texas now owns 25,274 shares of the company’s stock worth $270,000 after purchasing an additional 4,619 shares during the period. 48.29% of the stock is owned by institutional investors and hedge funds.
Nikola Company Profile (Get Rating)
Nikola Corporation operates as a technology innovator and integrator that works to develop energy and transportation solutions. It operates through two business units, Truck and Energy. The Truck business unit develops and commercializes battery hydrogen-electric and battery-electric semi-trucks to the trucking sector.