Mirae Asset Global Investments Co. Ltd. Has $16.19 Million Holdings in Nikola Co. (NASDAQ:NKLA)

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Nikola Co. (NASDAQ:NKLAGet Rating) by 58.1% during the first quarter, HoldingsChannel.com reports. The firm owned 1,511,391 shares of the company’s stock after acquiring an additional 555,260 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Nikola were worth $16,187,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its holdings in shares of Nikola by 70.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 29,403 shares of the company’s stock worth $290,000 after buying an additional 12,150 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of Nikola by 23.5% during the 4th quarter. Teacher Retirement System of Texas now owns 31,204 shares of the company’s stock worth $308,000 after buying an additional 5,930 shares during the period. Citigroup Inc. boosted its holdings in shares of Nikola by 6.7% during the 4th quarter. Citigroup Inc. now owns 114,113 shares of the company’s stock worth $1,126,000 after buying an additional 7,189 shares during the period. Rhumbline Advisers raised its stake in Nikola by 2.7% during the 4th quarter. Rhumbline Advisers now owns 230,966 shares of the company’s stock valued at $2,280,000 after purchasing an additional 5,973 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in Nikola by 711.9% during the 4th quarter. Bank of Montreal Can now owns 101,165 shares of the company’s stock valued at $1,036,000 after purchasing an additional 88,705 shares during the last quarter. 23.34% of the stock is owned by hedge funds and other institutional investors.

Nikola Stock Down 1.9 %

NKLA opened at $5.12 on Monday. The firm’s 50-day simple moving average is $6.00 and its 200-day simple moving average is $6.74. 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 Co. has a twelve month low of $4.41 and a twelve month high of $15.56. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -2.77 and a beta of 1.39.

Nikola (NASDAQ:NKLAGet Rating) last posted its earnings results on Thursday, August 4th. The company reported ($0.41) earnings per share for the quarter, topping the consensus estimate of ($0.45) by $0.04. The firm had revenue of $18.10 million during the quarter, compared to the consensus estimate of $16.58 million. During the same period in the previous year, the company posted ($0.36) EPS. The firm’s revenue for the quarter was up 1710.0% compared to the same quarter last year. Equities research analysts anticipate that Nikola Co. will post -1.89 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on NKLA shares. BTIG Research upgraded shares of Nikola from a “neutral” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Wednesday, September 14th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Nikola from $7.00 to $8.00 in a research note on Friday, August 5th. Cowen dropped their price objective on shares of Nikola to $12.50 in a research note on Tuesday, August 9th. Finally, Evercore ISI set a $10.00 price objective on shares of Nikola in a research note on Monday, June 20th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $10.83.

Insider Activity

In other news, major shareholder Trevor R. Milton purchased 3,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The shares were acquired at an average cost of $5.80 per share, for a total transaction of $17,400,000.00. Following the transaction, the insider now directly owns 51,047,726 shares of the company’s stock, valued at approximately $296,076,810.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 18.30% of the company’s stock.

Nikola 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.

Further Reading

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Institutional Ownership by Quarter for Nikola (NASDAQ:NKLA)

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