Traders Purchase Large Volume of Call Options on Nikola (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLA) was the target of unusually large options trading activity on Wednesday. Traders acquired 52,138 call options on the stock. This is an increase of approximately 132% compared to the typical volume of 22,498 call options.

Wall Street Analysts Forecast Growth

Separately, DA Davidson cut their price target on shares of Nikola from $12.00 to $10.00 and set a “neutral” rating on the stock in a report on Monday, August 12th.

Insider Buying and Selling

In other Nikola news, CEO Stephen J. Girsky sold 4,636 shares of Nikola 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 transaction, the chief executive officer now directly owns 238,311 shares of the company’s stock, valued at approximately $1,846,910.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.74% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nikola

Hedge funds have recently added to or reduced their stakes in the company. Unique Wealth Strategies LLC bought a new position in shares of Nikola in the second quarter worth about $25,000. Diversify Advisory Services LLC bought a new stake in shares of Nikola in the 1st quarter worth about $43,000. Summit Securities Group LLC purchased a new stake in shares of Nikola during the second quarter valued at $56,000. Cantor Fitzgerald L. P. increased its position in shares of Nikola by 817.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 93,244 shares of the company’s stock worth $82,000 after acquiring an additional 83,081 shares during the period. Finally, ProShare Advisors LLC raised its position in Nikola by 29.1% during the 1st quarter. ProShare Advisors LLC now owns 132,744 shares of the company’s stock valued at $138,000 after purchasing an additional 29,904 shares in the last quarter. 37.38% of the stock is currently owned by hedge funds and other institutional investors.

Nikola Stock Performance

Shares of NKLA opened at $5.56 on Thursday. The stock has a 50-day moving average price of $6.64 and a 200-day moving average price of $13.18. The company has a market cap of $251.16 million, a PE ratio of -0.17 and a beta of 2.06. The company has a current ratio of 1.53, a quick ratio of 1.31 and a debt-to-equity ratio of 0.51. Nikola has a 12-month low of $4.10 and a 12-month high of $45.30.

Nikola (NASDAQ:NKLA) last issued its earnings results on Friday, August 9th. The company reported ($2.67) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.78) by $0.11. The firm had revenue of $31.10 million during the quarter, compared to the consensus estimate of $26.19 million. During the same quarter in the prior year, the business posted ($7.21) EPS. The firm’s revenue for the quarter was up 101.9% on a year-over-year basis.

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.