Nikola (NASDAQ:NKLA) Sets New 52-Week Low on Insider Selling

Nikola Co. (NASDAQ:NKLAGet Rating) reached a new 52-week low during trading on Wednesday following insider selling activity. The stock traded as low as $4.11 and last traded at $4.40, with a volume of 341471 shares. The stock had previously closed at $4.56.

Specifically, CEO Mark A. Russell sold 75,000 shares of the stock in a transaction that occurred on Tuesday, September 20th. The stock was sold at an average price of $4.57, for a total transaction of $342,750.00. Following the sale, the chief executive officer now directly owns 2,812,346 shares in the company, valued at approximately $12,852,421.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Mark A. Russell sold 75,000 shares of the business’s stock in a transaction on Tuesday, September 20th. The shares were sold at an average price of $4.57, for a total transaction of $342,750.00. Following the completion of the transaction, the chief executive officer now owns 2,812,346 shares of the company’s stock, valued at $12,852,421.22. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Trevor R. Milton acquired 3,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 24th. The stock was purchased at an average cost of $5.80 per share, for a total transaction of $17,400,000.00. Following the acquisition, the insider now owns 51,047,726 shares in the company, valued at $296,076,810.80. The disclosure for this purchase can be found here. Insiders sold a total of 226,120 shares of company stock worth $1,141,951 over the last ninety days. Company insiders own 18.30% of the company’s stock.

Analyst Upgrades and Downgrades

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

Nikola Price Performance

The company has a fifty day simple moving average of $5.93 and a 200-day simple moving average of $6.68. The company has a market cap of $1.77 billion, a P/E ratio of -2.21 and a beta of 1.39. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.15 and a quick ratio of 1.95.

Nikola (NASDAQ:NKLAGet Rating) last announced its earnings results on Thursday, August 4th. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.45) by $0.04. The company had revenue of $18.10 million for the quarter, compared to analyst estimates of $16.58 million. During the same period last year, the firm earned ($0.36) earnings per share. The firm’s revenue for the quarter was up 1710.0% on a year-over-year basis. On average, sell-side analysts predict that Nikola Co. will post -1.89 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Quantbot Technologies LP acquired a new position in Nikola in the 1st quarter worth approximately $29,000. Captrust Financial Advisors boosted its position in shares of Nikola by 97.2% in the first quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock worth $50,000 after buying an additional 2,296 shares during the period. Castleview Partners LLC grew its holdings in shares of Nikola by 376.0% during the second quarter. Castleview Partners LLC now owns 4,760 shares of the company’s stock valued at $1,000,000 after buying an additional 3,760 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Nikola by 218.2% during the first quarter. Nisa Investment Advisors LLC now owns 6,300 shares of the company’s stock valued at $67,000 after buying an additional 4,320 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its stake in Nikola by 106.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 8,151 shares of the company’s stock worth $39,000 after acquiring an additional 4,200 shares in the last quarter. 23.34% of the stock is owned by hedge funds and other institutional investors.

About Nikola

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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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