Nikola (NASDAQ:NKLA) Trading 5.8% Higher

Nikola Co. (NASDAQ:NKLA)’s stock price was up 5.8% during mid-day trading on Friday . The stock traded as high as $0.67 and last traded at $0.65. Approximately 46,453,815 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 94,297,789 shares. The stock had previously closed at $0.61.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on NKLA. Wolfe Research began coverage on Nikola in a report on Tuesday, April 9th. They set a “peer perform” rating for the company. DA Davidson reissued a “neutral” rating and issued a $1.00 price target on shares of Nikola in a report on Tuesday, March 5th. Finally, Robert W. Baird assumed coverage on shares of Nikola in a report on Wednesday, January 24th. They set an “outperform” rating and a $2.00 price objective on the stock.

Nikola Price Performance

The company has a debt-to-equity ratio of 0.37, a current ratio of 2.20 and a quick ratio of 1.96. The firm has a 50-day moving average of $0.74 and a 200 day moving average of $0.82.

Nikola (NASDAQ:NKLA) last issued its earnings results on Thursday, February 22nd. The company reported ($0.12) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.05. The business had revenue of $11.53 million for the quarter, compared to analyst estimates of $14.52 million. During the same quarter last year, the firm posted ($0.46) earnings per share. As a group, sell-side analysts predict that Nikola Co. will post -0.44 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Joseph R. Pike sold 75,162 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $0.68, for a total transaction of $51,110.16. Following the completion of the transaction, the insider now owns 429,790 shares in the company, valued at approximately $292,257.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 10.00% of the company’s stock.

Institutional Investors Weigh In On Nikola

Several large investors have recently made changes to their positions in the company. Norges Bank bought a new position in Nikola during the fourth quarter worth about $93,633,000. Vanguard Group Inc. grew its holdings in Nikola by 27.1% during the third quarter. Vanguard Group Inc. now owns 56,706,189 shares of the company’s stock valued at $89,029,000 after purchasing an additional 12,085,830 shares during the period. Van ECK Associates Corp increased its stake in Nikola by 65.4% in the first quarter. Van ECK Associates Corp now owns 10,695,472 shares of the company’s stock valued at $11,123,000 after purchasing an additional 4,229,114 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Nikola by 28.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,754,602 shares of the company’s stock worth $5,909,000 after purchasing an additional 1,512,542 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Nikola by 10.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,646,363 shares of the company’s stock valued at $4,832,000 after buying an additional 454,804 shares during the period. Institutional investors own 37.38% of the company’s stock.

Nikola Company Profile

Nikola Corporation operates as a technology innovator and integrator that develops energy and transportation solutions in the United States and internationally. The company operates in truck and energy units. It commercializes battery electric vehicles (BEV) and hydrogen fuel cell electric vehicles (FCEV) to the trucking sector.