Nikola (NASDAQ:NKLA) Trading 5.1% Higher

Nikola Co. (NASDAQ:NKLA) traded up 5.1% during trading on Monday . The stock traded as high as $1.02 and last traded at $1.02. 17,757,588 shares were traded during mid-day trading, a decline of 65% from the average session volume of 51,147,188 shares. The stock had previously closed at $0.97.

Analyst Upgrades and Downgrades

Separately, DA Davidson increased their price objective on shares of Nikola from $1.00 to $3.00 and gave the stock a “neutral” rating in a research note on Monday, July 31st. Five analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $3.33.

Nikola Price Performance

The company has a current ratio of 1.61, a quick ratio of 1.41 and a debt-to-equity ratio of 0.38. The firm’s 50-day moving average price is $1.20 and its 200 day moving average price is $1.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Nikola by 4.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 79,059 shares of the company’s stock valued at $847,000 after buying an additional 3,523 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Nikola by 577.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 15,302 shares of the company’s stock valued at $163,000 after acquiring an additional 13,044 shares during the period. MetLife Investment Management LLC raised its stake in Nikola by 57.0% during the 1st quarter. MetLife Investment Management LLC now owns 125,771 shares of the company’s stock valued at $1,347,000 after acquiring an additional 45,661 shares in the last quarter. Rhumbline Advisers boosted its position in Nikola by 6.3% during the 1st quarter. Rhumbline Advisers now owns 245,611 shares of the company’s stock worth $2,630,000 after acquiring an additional 14,645 shares during the period. Finally, Synovus Financial Corp bought a new position in shares of Nikola in the first quarter worth $343,000. Institutional investors own 24.17% of the company’s stock.

Nikola Company Profile

Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions. It operates through two business units, Truck and Energy. The Truck business unit develops and commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector.