Nikola Sees Unusually Large Options Volume (NASDAQ:NKLA)

Nikola Co. (NASDAQ:NKLAGet Rating) saw unusually large options trading on Monday. Investors purchased 224,680 call options on the company. This is an increase of 181% compared to the average daily volume of 80,044 call options.

Nikola Stock Performance

NASDAQ NKLA opened at $2.76 on Tuesday. The company has a current ratio of 1.75, a quick ratio of 1.46 and a debt-to-equity ratio of 0.50. The business’s 50 day moving average is $2.44 and its two-hundred day moving average is $3.98. Nikola has a 12-month low of $2.01 and a 12-month high of $11.87. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -1.61 and a beta of 1.44.

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

Insiders Place Their Bets

In other Nikola news, CEO Mark A. Russell sold 75,000 shares of Nikola stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $3.14, for a total transaction of $235,500.00. Following the completion of the sale, the chief executive officer now directly owns 2,812,346 shares of the company’s stock, valued at approximately $8,830,766.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Mark A. Russell sold 75,000 shares of the business’s stock in a transaction dated Friday, October 28th. The stock was sold at an average price of $3.14, for a total value of $235,500.00. Following the completion of the sale, the chief executive officer now directly owns 2,812,346 shares of the company’s stock, valued at approximately $8,830,766.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark A. Russell sold 927,429 shares of the business’s stock in a transaction dated Tuesday, December 13th. The shares were sold at an average price of $2.14, for a total value of $1,984,698.06. Following the completion of the sale, the director now directly owns 1,959,917 shares of the company’s stock, valued at $4,194,222.38. The disclosure for this sale can be found here. Insiders sold 2,581,605 shares of company stock valued at $6,397,055 in the last ninety days. Insiders own 18.30% of the company’s stock.

Institutional Investors Weigh In On Nikola

Several hedge funds have recently made changes to their positions in NKLA. Vanguard Group Inc. boosted its holdings in shares of Nikola by 8.4% during the third quarter. Vanguard Group Inc. now owns 24,993,625 shares of the company’s stock worth $87,978,000 after purchasing an additional 1,931,607 shares during the last quarter. BlackRock Inc. raised its position in shares of Nikola by 5.6% in the 3rd quarter. BlackRock Inc. now owns 18,687,294 shares of the company’s stock worth $65,777,000 after buying an additional 992,084 shares during the period. SG Americas Securities LLC raised its position in shares of Nikola by 1,320.2% in the 3rd quarter. SG Americas Securities LLC now owns 1,001,855 shares of the company’s stock worth $3,527,000 after buying an additional 931,310 shares during the period. Barclays PLC raised its position in shares of Nikola by 1,055.2% in the 3rd quarter. Barclays PLC now owns 1,014,317 shares of the company’s stock worth $3,570,000 after buying an additional 926,514 shares during the period. Finally, State Street Corp raised its position in shares of Nikola by 17.7% in the 2nd quarter. State Street Corp now owns 5,539,099 shares of the company’s stock worth $26,366,000 after buying an additional 831,160 shares during the period. Institutional investors and hedge funds own 20.86% of the company’s stock.

Wall Street Analyst Weigh In

NKLA has been the topic of several recent research reports. Cowen dropped their price target on Nikola from $12.50 to $10.00 in a research report on Friday, November 4th. BTIG Research dropped their price target on Nikola from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Tuesday, January 17th. Cowen dropped their price target on Nikola from $12.50 to $10.00 in a research report on Friday, November 4th. Finally, Wedbush dropped their price target on Nikola from $10.00 to $6.00 and set a “neutral” rating on the stock in a research report on Friday, November 4th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $8.38.

Nikola Company Profile

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Nikola Corp. engages in the provision of zero-emissions transportation and infrastructure solutions. It designs and manufactures battery-electric and hydrogen-electric vehicles, electric vehicle drivetrains, vehicle components, energy storage systems and hydrogen fueling station infrastructure. The company was founded by Trevor Milton in 2015 and is headquartered in Phoenix, AZ.

Further Reading

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