Nikola Target of Unusually Large Options Trading (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLA) was the recipient of unusually large options trading activity on Tuesday. Investors acquired 45,057 call options on the company. This represents an increase of 90% compared to the typical volume of 23,667 call options.

Nikola Stock Down 7.1 %

NASDAQ NKLA opened at $1.95 on Wednesday. Nikola has a 1 year low of $1.83 and a 1 year high of $34.50. The stock has a market capitalization of $118.70 million, a PE ratio of -0.14 and a beta of 2.07. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.17 and a quick ratio of 0.94. The business’s 50-day moving average is $3.90 and its 200 day moving average is $8.13.

Nikola (NASDAQ:NKLA) last issued its quarterly earnings data on Thursday, October 31st. The company reported ($2.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.24) by ($0.51). The business had revenue of $25.20 million during the quarter, compared to the consensus estimate of $37.23 million. Nikola had a negative return on equity of 95.73% and a negative net margin of 840.44%. The company’s quarterly revenue was up 1382.4% on a year-over-year basis.

Hedge Funds Weigh In On Nikola

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Nikola by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 80,262,859 shares of the company’s stock worth $83,473,000 after buying an additional 3,117,074 shares during the period. Virtu Financial LLC purchased a new stake in Nikola in the first quarter worth about $1,161,000. Bayesian Capital Management LP increased its stake in shares of Nikola by 207.0% during the first quarter. Bayesian Capital Management LP now owns 496,800 shares of the company’s stock valued at $517,000 after purchasing an additional 335,000 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Nikola during the second quarter valued at approximately $2,214,000. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of Nikola by 312.1% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 310,995 shares of the company’s stock worth $321,000 after purchasing an additional 235,531 shares in the last quarter. Hedge funds and other institutional investors own 37.38% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on NKLA. Robert W. Baird decreased their target price on shares of Nikola from $14.00 to $10.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. DA Davidson lowered their target price on Nikola from $12.00 to $4.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. Bryan, Garnier & Co lowered Nikola from a “buy” rating to a “neutral” rating in a research report on Thursday, November 7th. Finally, TD Cowen lowered their price objective on Nikola from $10.00 to $4.00 and set a “hold” rating for the company in a research report on Friday, November 1st. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Nikola currently has a consensus rating of “Hold” and an average price target of $12.00.

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.