Nikola (NASDAQ:NKLA) Stock Price Down 2.4%

Shares of Nikola Co. (NASDAQ:NKLA) fell 2.4% during mid-day trading on Thursday . The stock traded as low as $0.60 and last traded at $0.61. 22,470,007 shares traded hands during trading, a decline of 77% from the average session volume of 95,796,180 shares. The stock had previously closed at $0.62.

Analyst Upgrades and Downgrades

NKLA has been the subject of a number of research reports. DA Davidson reaffirmed a “neutral” rating and issued a $1.00 price objective on shares of Nikola in a report on Tuesday, March 5th. Wolfe Research assumed coverage on shares of Nikola in a research report on Tuesday, April 9th. They set a “peer perform” rating for the company. Finally, 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 target price on the stock.

Nikola Price Performance

The company has a debt-to-equity ratio of 0.37, a current ratio of 2.20 and a quick ratio of 1.96. The stock has a market capitalization of $801.37 million, a price-to-earnings ratio of -0.48 and a beta of 1.99. The company has a 50-day simple moving average of $0.75 and a two-hundred day simple moving average of $0.85.

Nikola (NASDAQ:NKLA) last released its quarterly earnings data on Thursday, February 22nd. The company reported ($0.12) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.05. The firm had revenue of $11.53 million during the quarter, compared to analyst estimates of $14.52 million. During the same period last year, the business earned ($0.46) EPS. On average, equities research analysts predict that Nikola Co. will post -0.44 earnings per share for the current year.

Insider Activity

In related news, insider Joseph R. Pike sold 75,162 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 429,790 shares of the company’s stock, valued at approximately $292,257.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Norges Bank acquired a new stake in Nikola in the fourth quarter worth about $93,633,000. Vanguard Group Inc. lifted its stake 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 worth $89,029,000 after acquiring an additional 12,085,830 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Nikola by 28.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,754,602 shares of the company’s stock valued at $5,909,000 after acquiring an additional 1,512,542 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Nikola by 47.5% during the fourth quarter. Van ECK Associates Corp now owns 6,466,358 shares of the company’s stock valued at $5,657,000 after acquiring an additional 2,083,089 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Nikola by 35.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,588,507 shares of the company’s stock worth $7,204,000 after purchasing an additional 1,199,365 shares in the last quarter. 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 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.