Traders Buy Large Volume of Nikola Put Options (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLAGet Rating) saw some unusual options trading on Friday. Investors bought 146,248 put options on the company. This is an increase of 42% compared to the typical volume of 103,001 put options.

Analysts Set New Price Targets

Several research firms have recently issued reports on NKLA. Deutsche Bank Aktiengesellschaft raised their target price on shares of Nikola from $7.00 to $8.00 in a report on Friday, August 5th. Cowen cut their target price on Nikola from $12.50 to $10.00 in a research note on Friday, November 4th. Wedbush decreased their price target on Nikola from $10.00 to $6.00 and set a “neutral” rating for the company in a research note on Friday, November 4th. Cowen dropped their price objective on Nikola from $12.50 to $10.00 in a report on Friday, November 4th. Finally, BTIG Research upgraded 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. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, Nikola has a consensus rating of “Hold” and a consensus target price of $9.25.

Nikola Stock Down 4.5 %

Shares of NASDAQ:NKLA opened at $2.74 on Friday. The business’s 50 day moving average is $3.55 and its 200 day moving average is $5.18. The stock has a market cap of $1.31 billion, a P/E ratio of -1.60 and a beta of 1.51. Nikola has a 52-week low of $2.52 and a 52-week high of $12.20. The company has a quick ratio of 1.46, a current ratio of 1.75 and a debt-to-equity ratio of 0.50.

Nikola (NASDAQ:NKLAGet Rating) last posted its quarterly earnings results on Thursday, November 3rd. The company reported ($0.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.02. The firm had revenue of $24.24 million for the quarter, compared to the consensus estimate of $22.81 million. Sell-side analysts predict that Nikola will post -1.96 EPS for the current year.

Insider Activity at Nikola

In other news, major shareholder Trevor R. Milton acquired 3,000,000 shares of the firm’s stock in a transaction dated Wednesday, August 24th. The shares were acquired at an average cost of $5.80 per share, with a total value of $17,400,000.00. Following the acquisition, the insider now directly owns 51,047,726 shares of the company’s stock, valued at $296,076,810.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Nikola news, CEO Mark A. Russell sold 150,000 shares of the business’s 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 sale, the chief executive officer now directly owns 2,812,346 shares of the company’s stock, valued at $14,877,310.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Trevor R. Milton bought 3,000,000 shares of the business’s stock in a transaction dated Wednesday, August 24th. The shares were bought at an average cost of $5.80 per share, for a total transaction of $17,400,000.00. Following the transaction, 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. Over the last three months, insiders sold 1,801,120 shares of company stock valued at $6,259,201. Insiders own 18.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new position in Nikola during the first quarter valued at approximately $29,000. Captrust Financial Advisors increased its holdings in shares of Nikola by 97.2% in 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 during the period. Castleview Partners LLC raised its position in shares of Nikola by 376.0% in the 2nd quarter. Castleview Partners LLC now owns 4,760 shares of the company’s stock worth $1,000,000 after acquiring an additional 3,760 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Nikola by 218.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 6,300 shares of the company’s stock worth $67,000 after purchasing an additional 4,320 shares during the last quarter. Finally, Financial Advocates Investment Management bought a new stake in Nikola during the third quarter valued at about $336,000. Hedge funds and other institutional investors own 23.34% 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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