Nikola (NASDAQ:NKLA) Shares Up 4.2%

Nikola Co. (NASDAQ:NKLA) shot up 4.2% on Friday . The company traded as high as $11.89 and last traded at $11.88. 275,218 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 13,474,390 shares. The stock had previously closed at $11.40.

A number of brokerages have weighed in on NKLA. Zacks Investment Research upgraded Nikola from a “hold” rating to a “buy” rating and set a $11.00 target price on the stock in a research note on Saturday, August 7th. JPMorgan Chase & Co. cut their price objective on Nikola from $21.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, September 9th. BTIG Research cut their price objective on Nikola from $18.00 to $16.00 and set a “buy” rating for the company in a report on Tuesday, August 3rd. DA Davidson began coverage on Nikola in a report on Tuesday, August 10th. They issued a “neutral” rating and a $10.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Nikola from $16.00 to $15.00 and set a “hold” rating for the company in a report on Wednesday, August 4th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $17.33.

The business has a 50-day simple moving average of $10.93 and a 200 day simple moving average of $13.13. The firm has a market cap of $4.64 billion, a P/E ratio of -8.57 and a beta of 0.66. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.80 and a current ratio of 7.82.

Nikola (NASDAQ:NKLA) last announced its earnings results on Monday, August 2nd. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.47) by $0.27. During the same period in the previous year, the business posted ($0.16) EPS. On average, research analysts expect that Nikola Co. will post -1.52 EPS for the current year.

In related news, insider Pablo M. Koziner sold 8,511 shares of the stock in a transaction that occurred on Tuesday, September 7th. The shares were sold at an average price of $10.63, for a total transaction of $90,471.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Trevor R. Milton sold 1,259,890 shares of Nikola stock in a transaction on Thursday, August 12th. The stock was sold at an average price of $10.00, for a total transaction of $12,598,900.00. The disclosure for this sale can be found here. Insiders have sold 6,190,728 shares of company stock valued at $63,440,033 in the last 90 days. Company insiders own 22.80% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Advisor Group Holdings Inc. boosted its holdings in shares of Nikola by 1.9% in the second quarter. Advisor Group Holdings Inc. now owns 77,052 shares of the company’s stock valued at $1,390,000 after acquiring an additional 1,411 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Nikola by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 35,656 shares of the company’s stock valued at $644,000 after purchasing an additional 1,661 shares in the last quarter. Apollon Wealth Management LLC raised its position in shares of Nikola by 7.1% in the second quarter. Apollon Wealth Management LLC now owns 27,034 shares of the company’s stock valued at $488,000 after buying an additional 1,792 shares during the last quarter. BDO Wealth Advisors LLC increased its position in Nikola by 786.5% during the first quarter. BDO Wealth Advisors LLC now owns 2,225 shares of the company’s stock worth $31,000 after purchasing an additional 1,974 shares during the last quarter. Finally, SRS Capital Advisors Inc. acquired a new position in Nikola during the second quarter worth approximately $36,000. Hedge funds and other institutional investors own 19.07% of the company’s stock.

About Nikola (NASDAQ:NKLA)

Nikola Corp. engages in the provision of zero-emissions transportation and infrastructure solutions. It designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems and hydrogen fueling station infrastructure. The company was founded by Trevor Milton in 2015 and is headquartered in Phoenix, AZ.

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