Nikola (NASDAQ:NKLA) Stock Price Down 11.3%

Shares of Nikola Co. (NASDAQ:NKLA) fell 11.3% during trading on Thursday . The company traded as low as $8.80 and last traded at $8.80. 1,481,237 shares traded hands during trading, a decline of 52% from the average session volume of 3,069,385 shares. The stock had previously closed at $9.92.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Bryan, Garnier & Co began coverage on shares of Nikola in a research report on Thursday, May 16th. They issued a “buy” rating and a $30.00 price objective on the stock. DA Davidson restated a “neutral” rating and set a $30.00 price objective on shares of Nikola in a research report on Wednesday, June 12th. Finally, Wolfe Research initiated coverage on Nikola in a research report on Tuesday, April 9th. They issued a “peer perform” rating on the stock.

Nikola Stock Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.50 and a current ratio of 1.73. The business’s 50-day moving average is $15.56 and its 200 day moving average is $20.33.

Nikola (NASDAQ:NKLA) last announced its earnings results on Tuesday, May 7th. The company reported ($3.00) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($3.00). The business had revenue of $7.50 million for the quarter, compared to analyst estimates of $15.05 million.

Insiders Place Their Bets

In related news, CEO Stephen J. Girsky bought 33,333 shares of Nikola stock in a transaction dated Monday, May 20th. The shares were bought at an average cost of $16.20 per share, with a total value of $539,994.60. Following the acquisition, the chief executive officer now owns 241,433 shares in the company, valued at approximately $3,911,214.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.74% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Krane Funds Advisors LLC boosted its holdings in shares of Nikola by 7.4% in the 4th quarter. Krane Funds Advisors LLC now owns 419,671 shares of the company’s stock valued at $367,000 after purchasing an additional 29,016 shares in the last quarter. ProShare Advisors LLC grew its position in Nikola by 29.1% in the first quarter. ProShare Advisors LLC now owns 132,744 shares of the company’s stock valued at $138,000 after acquiring an additional 29,904 shares during the last quarter. Seaview Investment Managers LLC increased its position in Nikola by 78.3% during the 4th quarter. Seaview Investment Managers LLC now owns 68,333 shares of the company’s stock worth $60,000 after purchasing an additional 30,000 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Nikola by 162.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 49,304 shares of the company’s stock valued at $43,000 after acquiring an additional 30,490 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in shares of Nikola by 3.1% during the first quarter. California State Teachers Retirement System now owns 1,063,199 shares of the company’s stock valued at $1,106,000 after purchasing an additional 32,266 shares in 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.