Nikola (NASDAQ:NKLA) Shares Gap Up to $0.71

Posted by on Jun 12th, 2023

Shares of Nikola Co. (NASDAQ:NKLA – Get Rating) gapped up before the market opened on Monday . The stock had previously closed at $0.71, but opened at $0.77. Nikola shares last traded at $0.74, with a volume of 18,191,025 shares traded.

Analyst Ratings Changes

NKLA has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut their price target on Nikola from $5.00 to $3.00 and set a “hold” rating for the company in a report on Friday, February 24th. Morgan Stanley initiated coverage on Nikola in a research note on Monday, March 13th. They set an “equal weight” rating and a $3.00 price objective for the company. Cowen decreased their target price on Nikola from $10.00 to $5.00 and set an “outperform” rating on the stock in a report on Friday, February 24th. BTIG Research cut Nikola from a “buy” rating to a “neutral” rating in a report on Friday, March 31st. Finally, TD Cowen cut Nikola from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $5.00 to $1.00 in a report on Wednesday, May 10th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.38.

Nikola Trading Up 7.9 %

The company has a 50-day simple moving average of $0.84 and a two-hundred day simple moving average of $1.76. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.75 and a current ratio of 1.20.

Nikola (NASDAQ:NKLA – Get Rating) last posted its quarterly earnings results on Tuesday, May 9th. The company reported ($0.31) earnings per share for the quarter, hitting the consensus estimate of ($0.31). The firm had revenue of $11.12 million for the quarter, compared to analyst estimates of $16.25 million. Nikola had a negative return on equity of 143.04% and a negative net margin of 1,332.76%. Research analysts forecast that Nikola Co. will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nikola news, Director Mark A. Russell sold 75,000 shares of the business’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $0.79, for a total transaction of $59,250.00. Following the transaction, the director now owns 1,884,917 shares of the company’s stock, valued at approximately $1,489,084.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in shares of Nikola by 21.0% during the 1st quarter. JPMorgan Chase & Co. now owns 693,901 shares of the company’s stock worth $840,000 after acquiring an additional 120,223 shares during the period. Seven Grand Managers LLC bought a new position in shares of Nikola during the 1st quarter worth approximately $605,000. State Street Corp boosted its stake in shares of Nikola by 4.8% during the 1st quarter. State Street Corp now owns 7,754,670 shares of the company’s stock worth $9,383,000 after acquiring an additional 358,490 shares during the period. Geode Capital Management LLC boosted its stake in shares of Nikola by 10.8% during the 1st quarter. Geode Capital Management LLC now owns 6,936,302 shares of the company’s stock worth $8,393,000 after acquiring an additional 674,007 shares during the period. Finally, Alyeska Investment Group L.P. bought a new stake in Nikola in the 1st quarter valued at $2,459,000. 20.86% of the stock is currently owned by institutional investors.

Nikola Company Profile

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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.

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