Nikola (NASDAQ:NKLA) Shares Up 0.9%

Nikola Co. (NASDAQ:NKLA) shares rose 0.9% on Monday . The company traded as high as $6.71 and last traded at $6.63. Approximately 2,022,800 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 3,230,459 shares. The stock had previously closed at $6.57.

Analysts Set New Price Targets

NKLA has been the topic of several research analyst reports. DA Davidson lowered their price target on Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a research report on Monday, August 12th. Bryan, Garnier & Co assumed coverage on Nikola in a report on Thursday, May 16th. They set a “buy” rating and a $30.00 target price on the stock.

Nikola Trading Up 0.9 %

The company has a quick ratio of 1.31, a current ratio of 1.53 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $335.48 million, a price-to-earnings ratio of -0.21 and a beta of 2.08. The firm’s 50 day moving average is $8.45 and its 200 day moving average is $15.59.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings data on Friday, August 9th. The company reported ($2.67) EPS for the quarter, beating analysts’ consensus estimates of ($2.78) by $0.11. The company had revenue of $31.10 million for the quarter, compared to analyst estimates of $26.19 million. Nikola’s revenue was up 101.9% on a year-over-year basis. During the same quarter last year, the company posted ($7.21) EPS.

Insider Activity at Nikola

In other Nikola news, CEO Stephen J. Girsky sold 4,636 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $7.75, for a total transaction of $35,929.00. Following the sale, the chief executive officer now owns 238,311 shares in the company, valued at approximately $1,846,910.25. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.74% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nikola

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in Nikola during the 4th quarter valued at about $93,633,000. Van ECK Associates Corp boosted its holdings in shares of Nikola by 65.4% during the first quarter. Van ECK Associates Corp now owns 10,695,472 shares of the company’s stock worth $11,123,000 after purchasing an additional 4,229,114 shares during the period. Vanguard Group Inc. grew its position in Nikola by 4.0% during the first quarter. Vanguard Group Inc. now owns 80,262,859 shares of the company’s stock valued at $83,473,000 after purchasing an additional 3,117,074 shares in the last quarter. SG Americas Securities LLC increased its stake in Nikola by 90.3% in the 1st quarter. SG Americas Securities LLC now owns 3,812,396 shares of the company’s stock valued at $3,965,000 after buying an additional 1,809,074 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Nikola by 28.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 6,754,602 shares of the company’s stock worth $5,909,000 after buying an additional 1,512,542 shares in the last quarter. 37.38% of the stock is currently owned by hedge funds and other 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.