Nikola (NASDAQ:NKLA) Stock Price Up 7.4%

Nikola Co. (NASDAQ:NKLAGet Rating)’s share price rose 7.4% on Friday . The stock traded as high as $5.72 and last traded at $5.64. Approximately 94,213 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 11,679,521 shares. The stock had previously closed at $5.25.

NKLA has been the subject of several analyst reports. Wedbush reduced their price objective on Nikola from $15.00 to $10.00 in a research note on Tuesday, May 10th. Deutsche Bank Aktiengesellschaft reduced their price objective on Nikola from $19.00 to $11.00 and set a “hold” rating for the company in a research note on Friday, February 25th. Cowen reduced their price objective on Nikola from $25.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, February 25th. Royal Bank of Canada reduced their price objective on Nikola from $11.00 to $8.00 and set a “sector perform” rating for the company in a research note on Friday, February 25th. Finally, JPMorgan Chase & Co. reduced their price objective on Nikola from $12.00 to $10.00 and set a “neutral” rating for the company in a research note on Friday, February 25th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Nikola presently has an average rating of “Hold” and an average price target of $11.43.

The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.14 and a current ratio of 2.28. The company has a 50-day simple moving average of $6.82 and a 200-day simple moving average of $8.21. The company has a market cap of $2.36 billion, a price-to-earnings ratio of -3.18 and a beta of 1.07.

Nikola (NASDAQ:NKLAGet Rating) last released its earnings results on Thursday, May 5th. The company reported ($0.21) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.37) by $0.16. The business had revenue of $1.90 million for the quarter, compared to analyst estimates of $0.13 million. The business’s revenue for the quarter was up 1899900.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.31) EPS. As a group, equities research analysts forecast that Nikola Co. will post -1.75 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. J.W. Cole Advisors Inc. acquired a new stake in shares of Nikola in the 1st quarter worth approximately $91,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in Nikola by 58.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,511,391 shares of the company’s stock valued at $16,187,000 after buying an additional 555,260 shares during the last quarter. Toroso Investments LLC grew its holdings in Nikola by 54.2% during the 1st quarter. Toroso Investments LLC now owns 173,752 shares of the company’s stock valued at $1,861,000 after buying an additional 61,037 shares during the last quarter. Weiss Multi Strategy Advisers LLC acquired a new stake in Nikola during the 1st quarter valued at $570,000. Finally, Advisors Asset Management Inc. grew its holdings in Nikola by 60.5% during the 1st quarter. Advisors Asset Management Inc. now owns 36,362 shares of the company’s stock valued at $389,000 after buying an additional 13,708 shares during the last quarter. Institutional investors and hedge funds own 48.29% of the company’s stock.

Nikola Company Profile (NASDAQ:NKLA)

Nikola Corporation operates as a technology innovator and integrator that works to develop energy and transportation solutions. It operates through two business units, Truck and Energy. The Truck business unit develops and commercializes battery hydrogen-electric and battery-electric semi-trucks to the trucking sector.

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