Nikola (NASDAQ:NKLA) Hits New 12-Month Low at $1.60

Nikola Co. (NASDAQ:NKLA – Get Rating) shares hit a new 52-week low during trading on Monday . The stock traded as low as $1.60 and last traded at $1.70, with a volume of 3982924 shares traded. The stock had previously closed at $1.66.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Morgan Stanley initiated coverage on Nikola in a research note on Monday. They issued an “equal weight” rating and a $3.00 price target for the company. Deutsche Bank Aktiengesellschaft cut their target price on Nikola from $5.00 to $3.00 and set a “hold” rating for the company in a research report on Friday, February 24th. Cowen decreased their price target on Nikola from $10.00 to $5.00 and set an “outperform” rating on the stock in a research report on Friday, February 24th. Finally, BTIG Research cut their price objective on shares of Nikola from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Tuesday, January 17th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Nikola presently has an average rating of “Hold” and an average target price of $6.00.

Nikola Stock Performance

The stock has a fifty day simple moving average of $2.38 and a two-hundred day simple moving average of $3.01. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.82 and a current ratio of 1.14. The stock has a market cap of $925.78 million, a price-to-earnings ratio of -0.94 and a beta of 1.52.

Nikola (NASDAQ:NKLA – Get Rating) last released its quarterly earnings data on Thursday, February 23rd. The company reported ($0.46) earnings per share for the quarter, beating the consensus estimate of ($0.65) by $0.19. The business had revenue of $6.56 million for the quarter, compared to analyst estimates of $34.12 million. Nikola had a negative return on equity of 135.68% and a negative net margin of 1,543.02%. Analysts expect that Nikola Co. will post -1.32 EPS for the current fiscal year.

Insider Activity at Nikola

In other Nikola news, Director Mark A. Russell sold 75,000 shares of the business’s stock in a transaction on Monday, December 19th. The shares were sold at an average price of $2.29, for a total transaction of $171,750.00. Following the sale, the director now owns 1,959,917 shares of the company’s stock, valued at $4,488,209.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In the last three months, insiders have sold 375,000 shares of company stock valued at $885,000. 18.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Nikola

Hedge funds and other institutional investors have recently bought and sold shares of the company. Captrust Financial Advisors boosted its stake in shares of Nikola by 97.2% during the first quarter. Captrust Financial Advisors now owns 4,657 shares of the company’s stock valued at $50,000 after purchasing an additional 2,296 shares in the last quarter. Quantbot Technologies LP bought a new stake in Nikola during the 1st quarter worth approximately $29,000. Kestra Advisory Services LLC raised its stake in shares of Nikola by 4.3% during the third quarter. Kestra Advisory Services LLC now owns 79,625 shares of the company’s stock valued at $280,000 after acquiring an additional 3,305 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of Nikola by 4.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 79,059 shares of the company’s stock worth $847,000 after purchasing an additional 3,523 shares during the last quarter. Finally, Castleview Partners LLC increased its holdings in Nikola by 376.0% in the second quarter. Castleview Partners LLC now owns 4,760 shares of the company’s stock valued at $1,000,000 after purchasing an additional 3,760 shares during the period. Institutional investors own 20.86% of the company’s stock.

About Nikola

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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.