Principal Financial Group Inc. Buys 2,665 Shares of Nikola Co. (NASDAQ:NKLA)

Principal Financial Group Inc. increased its stake in Nikola Co. (NASDAQ:NKLAGet Rating) by 6.9% during the first quarter, HoldingsChannel reports. The firm owned 41,491 shares of the company’s stock after acquiring an additional 2,665 shares during the period. Principal Financial Group Inc.’s holdings in Nikola were worth $444,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently modified their holdings of the stock. CIBC Asset Management Inc raised its holdings in Nikola by 10.0% during the 4th quarter. CIBC Asset Management Inc now owns 17,710 shares of the company’s stock valued at $175,000 after acquiring an additional 1,607 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Nikola by 1.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 105,941 shares of the company’s stock worth $1,135,000 after purchasing an additional 1,749 shares during the period. Independent Advisor Alliance increased its holdings in shares of Nikola by 15.8% in the first quarter. Independent Advisor Alliance now owns 14,904 shares of the company’s stock worth $160,000 after purchasing an additional 2,030 shares during the period. Teacher Retirement System of Texas increased its holdings in shares of Nikola by 7.0% in the first quarter. Teacher Retirement System of Texas now owns 33,390 shares of the company’s stock worth $358,000 after purchasing an additional 2,186 shares during the period. Finally, Swiss National Bank increased its holdings in shares of Nikola by 0.7% in the fourth quarter. Swiss National Bank now owns 350,500 shares of the company’s stock worth $3,459,000 after purchasing an additional 2,400 shares during the period. Institutional investors own 23.34% of the company’s stock.

Nikola Stock Down 0.9 %

Shares of NASDAQ:NKLA opened at $5.27 on Friday. Nikola Co. has a 52-week low of $4.41 and a 52-week high of $15.56. The firm has a fifty day moving average of $5.97 and a 200 day moving average of $6.95. The firm has a market capitalization of $2.28 billion, a PE ratio of -2.85 and a beta of 1.35. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 2.15.

Nikola (NASDAQ:NKLAGet Rating) last posted its quarterly earnings results on Thursday, August 4th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.02. The business had revenue of $18.10 million for the quarter, compared to analysts’ expectations of $16.58 million. During the same quarter in the previous year, the company earned ($0.36) earnings per share. The business’s quarterly revenue was up 1710.0% on a year-over-year basis. As a group, research analysts anticipate that Nikola Co. will post -1.89 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wedbush decreased their price target on shares of Nikola from $15.00 to $10.00 in a report on Tuesday, May 10th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Nikola from $7.00 to $8.00 in a report on Friday, August 5th. Cowen decreased their price target on shares of Nikola to $12.50 in a report on Tuesday, August 9th. Finally, Evercore ISI set a $10.00 price target on shares of Nikola in a report on Monday, June 20th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Nikola has an average rating of “Hold” and a consensus price target of $11.06.

Insider Buying and Selling at Nikola

In other Nikola news, major shareholder Trevor R. Milton purchased 3,000,000 shares of the business’s stock in a transaction on Wednesday, August 24th. The stock was acquired at an average cost of $5.80 per share, for a total transaction of $17,400,000.00. Following the completion of the transaction, the insider now directly owns 51,047,726 shares in the company, valued at approximately $296,076,810.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 18.30% of the company’s stock.

Nikola Company Profile

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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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Institutional Ownership by Quarter for Nikola (NASDAQ:NKLA)

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