Nikola (NASDAQ:NKLA) Shares Gap Up to $4.58

Nikola Co. (NASDAQ:NKLAGet Rating)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $4.58, but opened at $4.70. Nikola shares last traded at $4.59, with a volume of 88,662 shares.

Wall Street Analysts Forecast Growth

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

Nikola Stock Performance

The stock has a market cap of $1.90 billion, a PE ratio of -2.37 and a beta of 1.39. The stock has a fifty day simple moving average of $5.96 and a two-hundred day simple moving average of $6.70. 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 released its quarterly earnings results on Thursday, August 4th. The company reported ($0.41) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.04. The company had revenue of $18.10 million during the quarter, compared to analysts’ expectations of $16.58 million. The firm’s revenue was up 1710.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.36) EPS. Equities analysts anticipate that Nikola Co. will post -1.89 EPS for the current fiscal year.

Insider Activity

In other Nikola news, major shareholder Trevor R. Milton bought 3,000,000 shares of Nikola stock in a transaction dated Wednesday, August 24th. The stock was bought at an average cost of $5.80 per share, for a total transaction of $17,400,000.00. Following the purchase, the insider now owns 51,047,726 shares in the company, valued at approximately $296,076,810.80. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Mark A. Russell sold 150,000 shares of the stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $5.29, for a total transaction of $793,500.00. Following the completion of the transaction, the chief executive officer now directly owns 2,812,346 shares in the company, valued at approximately $14,877,310.34. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Trevor R. Milton bought 3,000,000 shares of Nikola stock in a transaction dated Wednesday, August 24th. The shares were acquired at an average price of $5.80 per share, with a total value of $17,400,000.00. Following the completion of the purchase, the insider now owns 51,047,726 shares in the company, valued at approximately $296,076,810.80. The disclosure for this purchase can be found here. In the last three months, insiders sold 226,120 shares of company stock worth $1,141,951. 18.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nikola

Several institutional investors and hedge funds have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Nikola by 1.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 105,941 shares of the company’s stock valued at $1,135,000 after acquiring an additional 1,749 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Nikola by 30.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,200 shares of the company’s stock valued at $39,000 after acquiring an additional 1,900 shares in the last quarter. Independent Advisor Alliance raised its position in shares of Nikola by 15.8% during the 1st quarter. Independent Advisor Alliance now owns 14,904 shares of the company’s stock valued at $160,000 after acquiring an additional 2,030 shares in the last quarter. Teacher Retirement System of Texas raised its position in shares of Nikola by 7.0% during the 1st quarter. Teacher Retirement System of Texas now owns 33,390 shares of the company’s stock valued at $358,000 after acquiring an additional 2,186 shares in the last quarter. Finally, Captrust Financial Advisors raised its position in shares of Nikola by 97.2% during the 1st quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock valued at $50,000 after acquiring an additional 2,296 shares in the last quarter. 23.34% of the stock is owned by institutional investors and hedge funds.

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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