Nikola Co. (NASDAQ:NKLA – Get Free Report) shares shot up 3.6% during mid-day trading on Monday . The company traded as high as $0.69 and last traded at $0.69. 42,381,990 shares changed hands during trading, a decline of 52% from the average session volume of 87,768,688 shares. The stock had previously closed at $0.66.
Wall Street Analyst Weigh In
Several analysts have issued reports on NKLA shares. DA Davidson reaffirmed a “neutral” rating and issued a $1.00 price objective on shares of Nikola in a research report on Tuesday, March 5th. Robert W. Baird began coverage on shares of Nikola in a research report on Wednesday, January 24th. They issued an “outperform” rating and a $2.00 price objective for the company.
Nikola Stock Performance
The company has a market capitalization of $978.60 million, a PE ratio of -0.58 and a beta of 1.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.96 and a current ratio of 2.20. The company has a 50 day moving average price of $0.69 and a 200 day moving average price of $0.92.
Nikola (NASDAQ:NKLA – Get Free Report) last announced its quarterly earnings data on Thursday, February 22nd. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.05. The firm had revenue of $11.53 million for the quarter, compared to analysts’ expectations of $14.52 million. Nikola had a negative return on equity of 122.20% and a negative net margin of 1,475.52%. During the same period last year, the business posted ($0.46) earnings per share. Equities analysts forecast that Nikola Co. will post -0.44 EPS for the current year.
Insider Buying and Selling at Nikola
In other Nikola news, insider Joseph R. Pike sold 75,162 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $0.68, for a total value of $51,110.16. Following the sale, the insider now directly owns 429,790 shares in the company, valued at $292,257.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 10.00% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of NKLA. Norges Bank acquired a new position in shares of Nikola during the fourth quarter valued at $93,633,000. Vanguard Group Inc. grew its holdings in Nikola by 36.0% during the fourth quarter. Vanguard Group Inc. now owns 77,145,785 shares of the company’s stock worth $67,487,000 after acquiring an additional 20,439,596 shares during the period. BlackRock Inc. grew its holdings in Nikola by 81.2% during the second quarter. BlackRock Inc. now owns 43,278,195 shares of the company’s stock worth $59,724,000 after acquiring an additional 19,389,959 shares during the period. State Street Corp grew its holdings in Nikola by 78.2% during the second quarter. State Street Corp now owns 13,815,909 shares of the company’s stock worth $19,066,000 after acquiring an additional 6,061,239 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Nikola by 67.6% during the second quarter. Geode Capital Management LLC now owns 11,626,618 shares of the company’s stock worth $16,045,000 after acquiring an additional 4,690,316 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. It operates through two business units, Truck and Energy. The Truck business unit develops and commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector.