Nikola (NASDAQ:NKLA) Shares Up 6.2%

Nikola Co. (NASDAQ:NKLA)’s share price shot up 6.2% during trading on Friday . The company traded as high as $0.36 and last traded at $0.35. 42,431,090 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 90,307,164 shares. The stock had previously closed at $0.33.

Wall Street Analyst Weigh In

A number of brokerages recently commented on NKLA. Bryan, Garnier & Co began coverage on Nikola in a research report on Thursday, May 16th. They issued a “buy” rating and a $1.00 target price for the company. Wolfe Research assumed coverage on Nikola in a report on Tuesday, April 9th. They set a “peer perform” rating for the company. Finally, DA Davidson reissued a “neutral” rating and set a $1.00 price objective on shares of Nikola in a report on Wednesday, June 12th.

Nikola Price Performance

The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $0.55 and a 200 day simple moving average of $0.70. The stock has a market capitalization of $484.56 million, a P/E ratio of -0.34 and a beta of 2.11.

Nikola’s stock is going to reverse split before the market opens on Tuesday, June 25th. The 1-30 reverse split was announced on Tuesday, June 25th. The number of shares owned by shareholders will be adjusted after the closing bell on Tuesday, June 25th.

Nikola (NASDAQ:NKLA) last released its earnings results on Tuesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.10). The business had revenue of $7.50 million during the quarter, compared to the consensus estimate of $15.05 million. On average, analysts expect that Nikola Co. will post -0.39 earnings per share for the current year.

Insider Activity

In other Nikola news, CEO Stephen J. Girsky bought 1,000,000 shares of Nikola stock in a transaction dated Monday, May 20th. The stock was bought at an average cost of $0.54 per share, with a total value of $540,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 7,243,005 shares in the company, valued at approximately $3,911,222.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.74% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nikola

Several institutional investors have recently modified their holdings of NKLA. Swiss National Bank lifted its stake in Nikola by 14.6% in the third quarter. Swiss National Bank now owns 1,260,400 shares of the company’s stock valued at $1,979,000 after purchasing an additional 160,700 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Nikola by 43.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,242,060 shares of the company’s stock valued at $8,230,000 after purchasing an additional 1,577,112 shares during the last quarter. Rathbones Group PLC purchased a new position in Nikola in the third quarter valued at approximately $46,000. Marathon Trading Investment Management LLC purchased a new position in Nikola in the third quarter valued at approximately $33,000. Finally, Itau Unibanco Holding S.A. lifted its stake in Nikola by 7.3% in the third quarter. Itau Unibanco Holding S.A. now owns 159,347 shares of the company’s stock valued at $250,000 after purchasing an additional 10,808 shares during the last quarter. 37.38% of the stock is owned by institutional investors.

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.