Nikola (NASDAQ:NKLA) Shares Up 2%

Nikola Co. (NASDAQ:NKLA)’s stock price rose 2% on Tuesday . The stock traded as high as $7.77 and last traded at $7.55. Approximately 2,474,198 shares were traded during trading, a decline of 21% from the average daily volume of 3,147,247 shares. The stock had previously closed at $7.40.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on NKLA shares. Wolfe Research initiated coverage on shares of Nikola in a research report on Tuesday, April 9th. They issued a “peer perform” rating for the company. DA Davidson reiterated a “neutral” rating and issued a $30.00 target price on shares of Nikola in a research report on Wednesday, June 12th. Finally, Bryan, Garnier & Co assumed coverage on shares of Nikola in a report on Thursday, May 16th. They set a “buy” rating and a $30.00 price target on the stock.

Nikola Price Performance

The stock’s 50 day simple moving average is $14.90 and its 200-day simple moving average is $19.93. The stock has a market capitalization of $368.14 million, a price-to-earnings ratio of -0.26 and a beta of 2.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.73 and a quick ratio of 1.50.

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

Insider Buying and Selling

In other news, CEO Stephen J. Girsky bought 33,333 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were purchased at an average price of $16.20 per share, for a total transaction of $539,994.60. Following the acquisition, the chief executive officer now directly owns 241,433 shares of the company’s stock, valued at approximately $3,911,214.60. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 0.74% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of NKLA. Krane Funds Advisors LLC increased its position in Nikola by 7.4% during the fourth quarter. Krane Funds Advisors LLC now owns 419,671 shares of the company’s stock worth $367,000 after acquiring an additional 29,016 shares during the period. ProShare Advisors LLC raised its position in shares of Nikola by 29.1% during the first quarter. ProShare Advisors LLC now owns 132,744 shares of the company’s stock valued at $138,000 after buying an additional 29,904 shares during the last quarter. Seaview Investment Managers LLC lifted its stake in shares of Nikola by 78.3% in the fourth quarter. Seaview Investment Managers LLC now owns 68,333 shares of the company’s stock valued at $60,000 after buying an additional 30,000 shares during the period. Tower Research Capital LLC TRC grew its position in Nikola by 162.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 49,304 shares of the company’s stock worth $43,000 after buying an additional 30,490 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in 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 acquiring an additional 32,266 shares during the period. 37.38% of the stock is currently 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.