Nikola (NASDAQ:NKLA) Stock Price Down 3.1%

Nikola Co. (NASDAQ:NKLA) shares fell 3.1% on Monday . The company traded as low as $0.49 and last traded at $0.49. 17,480,515 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 89,137,648 shares. The stock had previously closed at $0.51.

Analyst Ratings Changes

A number of research firms have weighed in on NKLA. DA Davidson restated a “neutral” rating and issued a $1.00 target price on shares of Nikola in a research report on Wednesday, June 12th. Bryan, Garnier & Co began coverage on Nikola in a research report on Thursday, May 16th. They issued a “buy” rating and a $1.00 target price for the company. Finally, Wolfe Research began coverage on Nikola in a research report on Tuesday, April 9th. They issued a “peer perform” rating for the company.

Nikola Price Performance

The business has a 50-day moving average price of $0.59 and a 200 day moving average price of $0.71. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.50 and a current ratio of 1.73.

Nikola (NASDAQ:NKLA) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.10) EPS for the quarter, meeting analysts’ consensus estimates of ($0.10). The company had revenue of $7.50 million for the quarter, compared to analyst estimates of $15.05 million. On average, equities research analysts expect that Nikola Co. will post -0.39 EPS for the current year.

Insider Activity

In other Nikola news, CEO Stephen J. Girsky bought 1,000,000 shares of Nikola stock in a transaction dated Monday, May 20th. The stock was bought at an average price of $0.54 per share, for a total transaction of $540,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 7,243,005 shares of the company’s stock, valued at $3,911,222.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.74% of the company’s stock.

Hedge Funds Weigh In On Nikola

Hedge funds have recently modified their holdings of the stock. Marathon Trading Investment Management LLC acquired a new position in shares of Nikola in the third quarter worth $33,000. Rathbones Group PLC acquired a new position in Nikola during the third quarter worth $46,000. Diversify Advisory Services LLC acquired a new position in Nikola during the first quarter worth $43,000. Tower Research Capital LLC TRC increased its position in Nikola by 162.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 49,304 shares of the company’s stock worth $43,000 after buying an additional 30,490 shares during the last quarter. Finally, Amalgamated Bank increased its position in Nikola by 30.4% during the third quarter. Amalgamated Bank now owns 62,140 shares of the company’s stock worth $98,000 after buying an additional 14,495 shares during the last quarter. 37.38% of the stock is owned by institutional investors and hedge funds.

About Nikola

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.